Sports Betting Could Be Big in US if Supreme Court Rules Favorably
The United States Supreme Court is expected to rule on the New Jersey sports betting case in early 2018. If a favorable ruling is provided, it could mean big business for the United States.
Sports betting has been a hot topic of debate in the United States over the past several years as New Jersey has tried to begin offering sports betting services. Current federal restrictions only allow four states to offer sports betting, with Nevada being the only state to offer full on wagering options. New Jersey is already involved in online gambling and traditional casino and poker ventures and of course would like to get in the sports betting action as well. Legislation was created in the past that is now set to be reviewed by the United States Supreme Court next year. According to a recent study, it is believed that if the Supreme Court rules in favor of New Jersey, then sports betting would be a billion dollar industry very quickly.
States Ready and Willing
According to the Philadelphia Tribune, at least 32 individual US states are ready to legalize sports betting if the United States Supreme Court decides that the federal government is not regulated to prohibit states from offering sports wagering. This is based on findings by Eilers & Krejcik Gaming, LLC. The report has found that of those 32 states, within a five year time frame, the sports betting industry would reach more than $6 billion in earnings from such wagering.
Chris Grove is the managing director for EKG who stated that in the groups estimates, a properly regulated could be worth five times as much as the $6 billion which would result in a huge windfall for sports leagues, operators of sports betting, the media and state governments. Currently, reports show that bookies and off-shore gaming sites see as much as $60 billion wagered by Americans on a yearly basis. With US sports betting options available today, only $3 billion is earned from stateside customers.
EKG looks at gambling legislation on a state by state basis and has found that if every state were to be on board, as much as $7 billion to more than $15 billion could be earned. The group is predicting that a minimum of 14 states will be offering sports betting services if New Jersey earns a positive ruling. The list of 14 states includes:
- New Jersey
- West Virginia
Within a five year time frame of a positive ruling, even more states are expected to come on board, based on EKG’s findings. Such states include California, Kentucky, Maryland, Maine, North Dakota and a host more.
For now, it’s a waiting game. New Jersey has seen their case travel up the court system and the case has finally reached a final destination. Once the Supreme Court makes their reason, the case is closed. The state is hoping to see a ruling in their favor as legislation is already in place to allow sports betting to begin.
If the Supreme Court rules in favor of New Jersey it will be a huge turning point for the gambling industry in the United States. Only time will tell if the ruling will be made in the state’s favor or if New Jersey will be denied sports betting authorization once again.