An incredible decision was handed down by the Supreme Court of the United States. In a surprise decision, the Supreme Court sided with the state of New Jersey and issued a decision paving the way for legalized sports gambling in all 50 states, which may soon affect the online casino markets as well. The decision was a major rebuke of an old law. In 1992, the Professional and Amateur Sports Protection Act (PASPA) barred the bulk of all sports gambling outside of the state of Nevada.
No one should be surprised that Nevada's gaming interests preferred this arrangement. The state of New Jersey, home to the gambling mecca of Atlantic City, chose to challenge and violate PASPA. Challenges went all the way to the Supreme Court. PASPA is now — for all intents and purposes — gone.
Online Sports Betting Fans Experience Joy
Those interested in sports gambling now rejoice. If their home state develops an official sportsbook, then these fans can quickly take advantage of the change in the law. Sports fans can wager on their favorite teams. Others may choose to make a go at supplementing their income by strategically betting on professional sports. No matter how they choose to go about wagering, they will be taking advantage of any new official opportunities open to them.
No state has officially launched any new laws to legalize sports gambling yet. Honestly, it is too soon for this to happen since the decision just came down from the top court. Look for states to move on opening the door to legalized gambling. The states gain a lot more than the fans with this decision.
A Boom for States
New Jersey's interest in legalizing sports gambling derives from the necessity to generate revenue. Tax dollars flow into the state treasury from various gambling taxes and fees. New gambling endeavors also create new jobs, which further helps a state's economy. Many states suffer from budget shortfalls and other fiscal woes. While legalizing sports gambling won't automatically cure all problems, the added cash flow won't hurt.
A research firm noted that the amount of money in wagers per year could rise to $90 billion across the country. Currently, Nevada only experiences just under $5 billion in annual wagers. That $90 billion assumes several states won't enact any legislation to legalize gambling.
Different states maintain their own priorities. Legalizing gambling may never factor into certain states' budget strategies. Others might never be able to pass legislation through their state legislatures. And then there are those states in which the legislation will fly through and do so without much delay.
Any gains for certain states could turn out to be disastrous losses for Nevada. Money flows into Nevada's gambling industry because, quite honestly, there's nowhere else for it to go. With this new landmark decision, Las Vegas soon will face a lot of competition. Money won't stay in the state for long.
All the lobbying in the world couldn't help Nevada with this one. You cannot lobby a Supreme Court Justice as is the case with a politician.