The Wall Street Journal: Supreme Court hearing could open the country to more sports betting
A U.S. Supreme Court case next week could dramatically reshape the landscape of American sports betting, with major ramifications for casino operators and European betting shops, as well as professional sports leagues and college athletics.
A 25-year-old federal law restricts sports betting to Nevada and three other states, but a challenge to that ban by the state of New Jersey has set the stage for the Supreme Court to decide whether the law is constitutional. If the justices decide the federal ban is an unlawful intrusion on states’ rights, such a ruling could open up more of the country to sports wagering.
European sports books such as William Hill PLC WMH, +0.55% and Paddy Power Betfair PPB, +1.84% which already have footholds in the U.S., could stand to gain from a potential expansion.
Analysts estimate an expanded legal marketplace for the sports betting industry could generate between $ 7 billion and $ 15 billion annually in the U.S. That is up from a current $ 270 million in legal betting and an estimated $ 3 billion generated in unregulated black markets, including through unlicensed offshore operations in the Caribbean and elsewhere that take wagers online.
An expanded version of this story can be found at WSJ.com
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