Nevada Casinos Win Big as SCOTUS Strikes Down Federal Ban on Sports Gambling
In a landmark decision on Monday, the Supreme Court struck down the federal ban on sports gambling, opening up the lucrative market to Nevada casinos and other operators in the coming years. The decision could generate as much as $6 billion in annual revenue, according to one estimate, and is a major victory for the casino industry.
The 6-3 ruling invalidates the 1992 Professional and Amateur Sports Protection Act (PASPA), which prohibited states from authorizing sports gambling. The decision will have a far-reaching impact on the $150 billion American sports betting industry, which is currently illegal in most states.
Monday’s ruling comes as a major victory for Nevada casinos, which have long been at a disadvantage compared to their counterparts in other states. With sports gambling now legal in Nevada, casinos stand to gain a significant advantage over their competitors.
“This is a great day for Nevada,” said Governor Brian Sandoval. “Our state has long been the gold standard for gaming and I am pleased that our casinos will now be able to offer this popular activity to their guests.”
The decision is also good news for fans of Las Vegas sports teams, many of whom now have another way to place bets on their favorite teams. With legal sports betting available in Las Vegas, tourists can now bet on games while they are in town without having to go to an illegal bookie or offshore site.
Nevada’s gaming industry accounted for more than one-third of the state’s total GDP in 2016, so Monday’s ruling is likely to provide a significant boost to the economy. According to one study, legalizing sports betting could create as many as 15,000 new jobs in Nevada and generate more than $260 million in tax revenues every year.
Supporters of PASPA argued that it was necessary to protect consumers from shady operators and prevent match-fixing scandals. But the justices ruled that PASPA violated states’ rights by preventing them from making their own decisions about whether to legalize sports betting.
Justice Samuel Alito wrote in the majority opinion that “the legalization of sports gambling requires an important policy choice, but the choice is not ours to make.” He added that “the Constitution leaves it to Congress to decide what laws are needed to protect the public interest.”
Atlantic City Casinos Celebrate as SCOTUS Legalizes Sports Betting
Pennsylvania and New Jersey casinos are ringing in the victory of legalized sports betting as the United States Supreme Court struck down a 1992 federal law that bans sports betting in most states. The 6-3 decision allows all 50 states to legalize sports betting should they choose to do so.
“The opportunity for Atlantic City casinos to offer sports betting is another positive development for our city,” said Steven Fulop, Mayor of Jersey City. “This ruling will provide jobs and economic opportunity for residents and bring more people into our casinos. We applaud the Supreme Court for this decision.”
Leaders in Pennsylvania are also singing the praises of legalized sports betting. “I am excited that Pennsylvania will now be able to join in the multi-billion dollar industry of legalized sports betting,” said Governor Tom Wolf. “This new industry will create jobs, generate tax revenue, and support our local businesses. I applaud the Supreme Court for their commonsense ruling today.”
Casinos in both states are wasting no time in getting their sports books up and running, eager to get a piece of what is expected to be a $150 billion industry. Pennsylvania’s 12 casinos expect to see an influx of 15 million additional visitors per year, with each visitor spending an average of $422 on non-gambling activities. That could mean an extra $624 million annually for Pennsylvania casinos.
New Jersey is expecting even more from its casinos, with Morgan Stanley estimating that legalizing sports gambling nationwide could add between $2 billion and $5 billion annually to casino revenues. That would make Atlantic City the top destination nationwide for legal sports gambling.
While there has been some concern that legalizing sports gambling could lead to increased problem gambling, both states are taking steps to address those concerns by implementing measures like self-exclusion lists and limits on how much money can be wagered each day.
In addition to creating jobs and generating tax revenue, legalized sports betting is also expected to provide a boost to tourism industries in both states. With millions of dollars at stake, players from all over the country will be flocking to Pennslvania and New Jersey to put their money on the line and see if they can score big!
Delaware Rolls Out the Red Carpet for Gamblers as SCOTUS Legalizes Sports Betting
Delaware took the lead in legalizing sports betting on Monday, just days after the United States Supreme Court repealed a nationwide ban on the activity.
Governor John Carney Jr. was first to sign a bill authorizing sports betting in Delaware, followed by governors from Rhode Island, New Jersey and West Virginia.
“This is something that I think is good for our state,” said Delaware Governor John Carney Jr. “It’s been an important part of our economy for a long time.”
The repeal of the ban opens up the door for sports betting to be legal in all 50 states, although it will be up to individual states to regulate and tax the industry.
Rhode Island Governor Gina Raimondo is hopeful that her state can also legalize sports betting in the near future.
“This is something that has the potential to create jobs and to grow our economy,” said Rhode Island Governor Gina Raimondo. “I’m optimistic that we’ll be able to move forward with this in Rhode Island.”
West Virginia Governor Jim Justice sees similar potential in his state.
“This gives us an opportunity to create some real jobs,” said West Virginia Governor Jim Justice. “It’ll be good for tourism, it’ll be good for our state coffers.”
New Jersey readies itself for a gambling boom after SCOTUS ruling
The US Supreme Court has cleared the way for states to legalize sports betting, and New Jersey is one of the states primed to take advantage of the ruling.
Governor Phil Murphy has already announced plans to regulate and tax sports betting in New Jersey, and he expects the industry to generate $1 billion in revenue annually. That could be a boon for the state’s economy, as well as for its casinos and racetracks.
“This is a great day for the rights of states and their citizens to make their own decisions about how to govern themselves,” Governor Murphy said.
Casinos in Atlantic City are already gearing up for the influx of new bettors, and they’re expecting business to pick up substantially. In fact, some casinos are even considering adding sports books to their properties.
Some analysts believe that the SCOTUS ruling could lead to a gambling boom across the country. And that could be great news for both casinos and state governments that are looking for new sources of revenue.
Casino profits set to soar after Supreme Court legalizes sports betting
Casino operators are preparing for a banner year following the US Supreme Court’s decision to overturn a federal ban on sports betting. The ruling paves the way for individual states to legalize and regulate sports betting, opening up a potential $150 billion market.
The American Gaming Association (AGA) estimates that Americans wager $150 billion illegally on sports each year, with only a fraction of those bets placed through licensed casinos. Allowing casinos to offer sports betting would provide a significant boost to their profits.
At present, Nevada is the only state where casino-sponsored sports betting is legal. But other states are quickly moving to follow suit, with legislation pending in Delaware, New Jersey, West Virginia and Mississippi. In addition, several major US cities – including Philadelphia, Washington D.C., and Boston – are considering Measures to allow sports betting within their borders.
The prospect of expanded legalized gambling has sent casino stocks soaring in anticipation of increased profits.Shares of Caesars Entertainment Corporation (CZR) have jumped by more than 30% over the past month, while shares of MGM Resorts International (MGM) have surged by more than 20%.
The legalization of sports betting is also seen as a boon for the gambling industry as a whole. According to research firm Cowen & Co., the repeal of the ban could add an additional $2.3 billion in revenue for the casino industry annually.
While there may be some concerns about the potential social costs associated with increased gambling, most analysts believe that the benefits to the casino industry are too great to ignore. With billions of dollars at stake, it is likely that American casinos will soon be offering legalized sports betting nationwide.