Profits from sports wagering may come at a cost


With estimates of illegal sports wagering equating to between $50 billion and $450 billion of wagers placed annually, states, and the professional sports leagues, are eager to get a share. Hockey is among the games being broadcast on 47 flat screens above while gamblers sit in leather seats to watch and strategize.

Earlier this week, the U.S. Supreme Court ruled that the federal Professional and Amateur Sports Protection Act - which has been in place since 1992 - is unconstitutional. Some might even try to create sports betting applications for smartphones. "I haven't had a chance to read it", Berger said Tuesday during a news conference to outline the short session's priorities. "Today's decision is a great one for sports fans and I am eager to embrace it".

Shops in the downtown area say they're keeping a close eye on how sports betting will up those tourist numbers. "Sports betting has always been a black-market activity that many engage in; however, now that there is the option for legalized wagering, many states can bring jobs and tax revenue that weren't previously possible. Regarding all the potential manifestations in a negative way, I don't really see that". Does it have to be online or only in person?

In Colorado, it would be a change of law and a vote of the people to make it happen.

"You know you always wonder 'is there some element of cheating?' I guess", he said. "And each state will have to make that decision for themselves". By striking down a federal ban on sports betting that excluded only Nevada, the justices on Monday cleared the way for states to permit - and, not incidentally, to squeeze tax revenue from - legal bookmaking on sporting events. "Not just here in Vegas".

"We'd be naïve if we didn't believe that sports betting is already happening within our borders right now", said Senate Floor Majority Leader Greg Treat, R-Oklahoma City.

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David Holland, a NY attorney and executive and legal director of Empire State NORML, said the ruling could set a precedent if marijuana is descheduled.

"And yet Nevada has grown through that period of time", he said. Would-be developer Rick Lertzman says his proposed constitutional amendment would allow sports betting in hundreds of restaurants, bars, fraternal clubs and entertainment venues.

"It's very much like legalizing marijuana", Gentile said.

Currently, sports betting is a drop in the bucket of money made in Nevada off gaming.

"More people start betting on sports now, it's like more people investing in the stock market", he said. "While the news was positive for some, the concern that this may actually hurt sports betting in Nevada weighed on the casino stocks, though that impact was certainly more muted than the upside seen elsewhere in the group". On top of that, they have military service, so they are a bit more desperate to get money.

"It's a big day", Vaccaro said at the South Point Hotel and Casino just off the Las Vegas Strip.

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So gambling has been going on and will continue to do so, undoubtedly growing in popularity in the process. That's betting. You're playing.

There will be fewer people through the doors.

"Much like marijuana we have an opportunity here with an industry that is, frankly, common but done in the shadows to bring it out into the open and to regulate it and ensure important consumer protections", said Lesser.

MLB said in a statement that the decision "will have profound effects on Major League Baseball", while Players Association President Tony Clark called it a "monumental" decision "with far-reaching implications for baseball players and the game we love".

All day, Vaccaro has been in meetings discussing the decision.

That's because in 2017, MS lawmakers changed the law to allow sports betting as part of a bill legalizing and regulating fantasy sports, as reported by the Associated Press.

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"It doubled the value of professional sports franchises in a heartbeat, in a second", Cuban told ESPN.