Market for legal sports betting could be more than $57B

Market for legal sports betting could be more than $57B

Opponents of expanded gaming in Kentucky say Monday's U.S. Supreme Court decision clearing a path for states to legalize sports betting has them concerned but hopeful the General Assembly will resist pressure to okay the practice in the commonwealth.

Many states have hoped their cut of legalized sports gambling could help solve budget problems, and five states have the edge in the race because they already passed laws contingent on the Supreme Court's decision.

The Act is a 1992 law that barred state-authorized sports gambling.

The Court ruled in favor of a case brought by New Jersey that would allow the expansion of legal sports gambling beyond some jurisdictions in Nevada.

New Jersey officials said they would allow only certain types of sports betting, at casinos and racetracks, with a minimum age of 21 to participate.

"I do know that we're looking at a handle of $8 billion that will be significant money is available for the state of New York", Pretlow said.

Broadcast attorney John Garziglia tells Radio Ink he believes this could lead to another advertising category for radio.

The proposed Iowa law would have placed sports betting under the direction of the state's casinos, regulated by the state's Racing and Gaming Commission. As ESPN reports, the ruling opens the door to legal sports betting in any state that wishes to offer it.

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Degliomini has previously said the Doubletop Bar & Grill at Resorts World Catskills casino would go from sports bar to sportsbook if the federal prohibition was lifted.

"It'll be a state-by-state matter", said Eugene Christiansen, an expert on casino gambling and consultant to the industry.

All four major sports issued statements on the ruling about preserving the integrity of their game with the National Football League discussing working with Congress on strict regulation. The fixture in New Jersey urban living could soon be out of business. The NBA once opposed expanded sports betting but has long said it supports robust regulation.

On Monday, that long bet finally paid off. There's also the question of skin gambling, which is different from betting on match outcomes (and against the Steam terms of service), but remains very lucrative and bound to come up the moment any league of meaningful size enables, or even just allows, gambling. But don't expect either Iowa or IL to legalize sports gambling right away.

The Supreme Court's decision on Monday sent waves throughout a country obsessed with sports.

IL is already saturated with gaming, including video gaming, horse race tracks and casinos, to the point that admissions to casinos are down 3 million to 4 million a year, Mr. Swoik said.

"We look forward to working with lawmakers to create a framework for sports betting that ensures maximum revenue for the state and promotes responsible gaming within the footprint of existing gaming establishments and platforms", he added.

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