Legal Sports Betting Could be $6 Billion Market
Regulating the sports betting market in the United States could become a multi-billion dollar industry within the next few years. That is according to a new report that was recently published. The report examined what could happen if the Supreme Court sides with New Jersey in the upcoming case.
Many States Will Legalize Sports Betting
The report was created by Eilers & Krejcik Gaming, looking at how a favourable result in the Supreme Court hearing will unfold. In the report, it predicts that as many as 14 American states could legalize sports betting within 24 months. New Jersey has challenged the Professional and Amateur Sports Protection Act (PASPA), which prevents it in all but four states.
The Supreme Court agreed to hear New Jersey’s in June this year. Hearings officially start in December, so we won’t have to wait too much longer. If New Jersey is successful, it will open the door to other states to legalize it. The report claims that as many as 32 states could join the party within five years.
USA Hopeful PASPA gets Repealed
PASPA prevents states from allowing sports betting, with the exception of Nevada, Delaware, Oregon, and Montana. This is because these four states had legalized sports betting before PASPA came into effect. New Jersey has challenged this on constitutional grounds, saying it believes it is a violation of the state’s tenth amendment rights. New Jersey believes that the federal government has no right to block the state from legalizing sports betting.
Many states are hopeful that the New jersey challenge will be a success. Several states have publicly supported New Jersey’s voiced their support. In addition to this, many states are also readying laws to legalize sports betting if the verdict is in New Jersey’s favour.
Hopefully, we won’t have to wait much longer to find out if the Supreme Court agrees with New Jersey. However, it’s clear there are many Americans who want PASPA to be repealed.