The Supreme Court ruled 7-2 Monday to overturn the federal Professional and Amateur Sports Protection Act, which banned sports betting, and allow states outside Nevada to participate in the otherwise underground market.
Why It’s Important
The decision could open a $6.03-billion market in the U.S., according to Eilers & Krejcik Gaming, and expand the opportunity outside Nevada. The state reported a record $4.87 billion in wagers and $248.8 million in revenue last year.
Las Vegas Sands Corp. LVS spiked higher when the High Court's decision was released but was down 0.69 percent at the time of publication Monday. Wynn Resorts, Limited WYNN was down 1.73 percent at the time of publication, while Caesars Entertainment Corporation CZR was rallying 6.3 percent and MGM Resorts International MGM was up 1.79 percent.
Legal sports betting could also touch companies far removed from the casino floor.
What’s Next
The Supreme Court decision empowers Congress to regulate sports gambling and, in the absence of such legislation, frees states to act at their own discretion.
Related Links:
NBA Intends To Take A 1% Cut, Or 'Integrity Fee,' If Sports Betting Is Legalized
Stock Exchange For Sports Aims To Teach Financial Literacy, Empower New Investors
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