Market Overview

Supreme Court Overturns Sports Betting Ban In New Jersey Case

Supreme Court Overturns Sports Betting Ban In New Jersey Case

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. (NYSE: 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 (NASDAQ: WYNN) was down 1.73 percent at the time of publication, while Caesars Entertainment Corporation (NASDAQ: CZR) was rallying 6.3 percent and MGM Resorts International (NYSE: 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

Posted-In: Professional and Amateur Sports Protection Act Supreme CourtNews Legal Sports Top Stories General Best of Benzinga


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