Positive Outlook for Sports Betting in the US
With SCOTUS set to review the subject of sports betting next month, it seems that is much optimism that the activity will be allowed on a federal level.
Sports betting has been a hot topic of debate in the United States over the past few years, especially when considering that New Jersey has a case pending where the activity could soon be available on a federal level. For years now, New Jersey has tried to see their state be allowed to offer sports gaming and by next month, the US Supreme Court will be hearing their case. The goal for the state is to see the court rule in their favor, ruling that the Professional & Amateur Sports Protection Act of 1992 be ruled unconstitutional. Several other states have created legislation in order to be ready to offer sports betting activities if the SCOTUS rules in their favor.
There is a positive outlook across the nation as the court case is set to be reviewed in just a few days. Just recently, the state of New York hosted a sports betting conference, titled Sports Betting USA. The Convene Conference Center of New York City hosted the event with industry leaders, lawmaker and many more on hand to discuss several aspects of the industry.
The overall mood of the conference was one of positivity as everyone seems to feel that the Supreme Court will allow sports betting to take place across the nation, and not be restricted as it is currently under the PASPA.
It was during this recent conference that many things came to light in regards to sports betting in the United States. According to Dennis Drazen, of Monmouth Park, the industry should earn $150 billion if allowed in the US. However, journalist John Brennan feels that sports betting would actually generate much more, around $400 billion.
MGM in the Mix
The main topic of the conference was of course sports betting and many people had something to say. It seems the NBA is now ready to come forward and lobby for sports betting regulation in the states, while in the past, stated they would not put forth any lobbying efforts. MGM International is ready to put their money on the line, having announced that they will begin the construction of a sports book in New Jersey, spending as much as $7 million to do so.
Jay Rod is the MGM International Vice President of Race and Sports, who stated that he was about the visit the Borgata to oversee the construction of a new sportsbook with the multi-million dollar price tag.
The idea that a big company like MGM is ready to spend millions of dollars on a building to offer sports betting makes it seem that the company has confidence that SCOTUS will be ruling in a positive manner in the NJ case. However, we must keep in mind that such a facility could easily be transformed into something else if the Supreme Court does decide to keep PASPA intact.
Supposedly, MGM has their sights on setting up another sports style venue, this time with the MGM Springfield. The MGM Springfield property should be opening next June and is reportedly going to have a sports betting bar in place. This could be the plan of MGM for all their properties if the SCOTUS ruling is a positive one for the sports betting industry.
The Supreme Court is set to review the case on December 4th so we shall see in the coming weeks what develops. A decision has been projected to take place by late spring into early summer.