The Supreme Court overturned a 1992 standing federal law that banned state-sponsored sports gambling in most states. This allows states now to offer legal sports betting if they want to. No longer will Nevada be the only state to offer complete sports betting. They've been the only state to do so for the past 25 years. Some states, such as New Jersey, have been fighting to allow gambling within their state. In addition to New Jersey, the front-runners have been Pennsylvania, West Virginia, New York, and Mississippi who have even passed betting laws to allow gambling.
This is a big win for states because what it does is allow the states to regulate and tax a portion of the wagers that gamblers place. In addition to that, legalized sports betting creates more jobs and is a plus for investors and media networks alike. Media broadcasters might generate more viewership with fans literally being invested in games and its outcomes. President of public relations agency, MWW said in a statement that he believes "the broadcasters are absolutely huge winners here. In a blowout baseball game in the eighth inning, if I can bet on balls and strikes, or outs, or hits I may stay tuned in". Investors are pleased with this overturn in law as well. Thus far the nation's casino and gambling stocks went up following the Supreme Court's ruling. Caesar's Entertainment climbed 5.5% to 12.55%, Churchill Downs was up 4.9% and the VanEck Vectors Gaming ETF closed up 2% on a day that the S&P 500 was flat.
Now that it's up to individual states to decide on whether or not they allow sports betting, do you think Massachusetts will be next? What about Florida, the state of Mickey Mouse? This overturn in law leaves many wondering what direction their state will go in. Some states like New Jersey have already been campaigning for it but with this new obstacle out of the way, will we start to see other states campaigning in the same way? By bringing sports gambling to a huge sports town such as Boston, it could economically be very good for the state. Would you be for or against that? Let us know your thoughts in the comments!
For more of a Q & A on what legal sports gambling means for you, read on HERE.