Game changer: High court rules on sports betting
On a 6–3 vote, the U.S. Supreme Court overturned the 1992 Professional and Amateur Sports Protection Act law that prohibited betting on professional sports. The court’s decision paves the way for states to decide whether to allow sports betting and how to use betting revenues that might result.
Nevada was the only state allowing betting on individual games, and New Jersey had lobbied for it. Betting on sports has been occurring illegally for years and has developed into a $150 billion-a-year underground activity across the country, according to an Associated Press report. The Supreme Court’s ruling brings it out of the shadows.
Stock prices immediately soared for casinos and sports-betting websites.
Professional sports leagues have had mixed reactions, with many looking for direction and across-the-board ground rules from Congress. If Congress refuses to get involved, sports betting will become a state-by-state issue.