Supreme Court opens door for legalized sports betting

Las Vegas no longer has a monopoly on sports gambling. More

The ruling strikes down the 1992 federal anti sports gambling law. The current illegal sports betting market is worth billions of dollars annually.

What this means: According to the text from the SCOTUS decision, "Congress can regulate sports gambling directly, but if it elects not to do so, each state is free to act on its own". Trump's administration was on the opposite side of the case, opposing the New Jersey law championed by Christie. Again, the courts ruled against the state, prompting then-Gov. Some states see sports betting, like lotteries, as a potentially important source of tax revenue.

New Jersey is naturally the state most prepared to implement sports betting in the wake of the decision. In fact, Monmouth Park, the track which was reportedly days away from being ready to offer sports betting after the 2014 law that the NFL's injunction put on ice, is expected to push to be ready to accept wagers right away.

DE is also a favorite to be among the first to market. It stated that states could not sponsor sports gambling, although it was grandfathered in four states - Nevada, Delaware, Oregon and Montana - which previously had established legal sports gambling regulations. It simply prohibits sports betting in the states. However, the timeframe for a rollout would undoubtedly vary from state to state.

Former New Jersey governor Chris Christie had led the charge against the federal law - the state has for years tried to legalize betting on sports.

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They argued that a state law legalizing sports betting is preempted by existing federal law.

Major League Baseball and the National Basketball Association are now pushing for integrity fees from every sports bet placed - but that idea has run into lots of opposition.

The controversy started in 2011, when New Jersey voters approved a measure to legalize sports betting to help the casino industries in a faltering economy.

But the state law was immediately challenged by professional sports leagues and the NCAA, which pointed to a federal law passed in 1992 that bans state sports betting with some exceptions. Third Circuit Court of Appeals. New Jersey had not applied for the exemption before the window closed in 1991.

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