Monday, May 14, 2018

Leaving Las Vegas? Supreme Court shoots down Federal ban on sports betting allowing states to offer it as they see fit

In a tremendous ruling from the Supreme Court on May 14, the high court shot down the long-standing Federal ban on nationwide sports betting outside of Nevada and now opens up states to start profiting off of an industry that is estimated to be worth $150 billion in the black market.

Sports betting is one of the most popular and lucrative vices in both the U.S. and in Europe, and has an underground market value estimated at over $150 billion per year due to America's moral restrictions tied to amateur and professional athletes.  However with the line between professional and amateur athletics having been dimmed in recent years thanks to the Olympics, even sports associations like the NFL and NHL have removed their own barriers by allowing sports teams to call Las Vegas their home.

In a decision that could rob the American Mafia of one of its few remaining sources of income - and potentially save the ailing Atlantic City - the Supreme Court on Monday struck down a federal ban on sportsbetting, saying states should be free to decide whether to legalize the business. The decision, according to the Washington Post "is sure to set off a scramble among the states to find a way into a billion-dollar business." It could also negatively impact revenues in Las Vegas because, until Monday, betting on live sporting events was only legal in Nevada - though a few other states have sports lotteries. 
WaPo estimates that the underground sportsbetting economy - an underworld that is dominated by various criminal groups -  could be worth as much as $150 billion a year (give or take a few kneecaps). - Zerohedge


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