The Supreme Court of the United States begins to look like one of the most liberal law-making bodies left in Trumpelvania as it not only backs New Jersey’s rights to make up their own legal code when it comes to gambling but also strikes down a federal ban that has seen sports betting in the US illegal in most states since 1992 opening up the possibility of sensible regulation where only the insanity of prohibition had existed before, but will the President appreciate the change?
- Will the Supreme Court decision to back New Jersey start a betting rush?
- Which states will legalize sports gambling within the next five years?
- Who stands to gain from the end of the US federal ban on sports gambling?
- When will New Jersey actually start taking bets on sports now it has won?
“We could have bets being taken in New Jersey within two weeks of a decision by the court.” Enthused the then Governor of the state Chris Christie back in December when the case at the Supreme Court got underway, adding: “We’re prepared in New Jersey, we’re ready to go.” Which may well be true, but I suspect those that like to bet on sports in the US and voted to legalize it back in 2011 might well have to get over their shock and surprise at actually winning the case against federal prohibition first.
Not only did the Supreme Court back the 2014 New Jersey state ruling that permitted sports betting at casinos and racetracks within the state (opening up a way forward toward the wholesale legalization of online gambling sites like Bovada Sportsbook et al) but it also struck down the 1992 federal law banning sports gambling meaning the ruling doesn’t just apply to New Jersey but now gives each and every state of the union the power and authority to rule for themselves as to the legal status of gambling on sports.
Professional And Amateur Sports Protection Act Struck Down
With an estimated $154 billion wagered in illegal sports betting every year cash-strapped states across America will now be able to give legal access to sports betting markets should they so choose, a point the Supreme Court emphasized in its ruling with Justice Samuel Alito writing “The legalization of sports gambling requires an important policy choice, but the choice is not ours to make. Congress can regulate sports gambling directly, but if it elects not to do so, each state is free to act on its own.”
These are good US gambling news headlines for sites like Bovada Sportsbook because it plays into the pattern of liberalization-towards-taxation that has seen various states legalize marijuana and benefit from the increased revenues of ditching baseless puritanical freedom-limiting legislation, and more joining them each election that asks the voters. No state will want to see their neighbors rake in gambling tax revenues from their citizens and so will quickly fall into line legalizing sports betting themselves.
Supreme Court Opens Way Towards Sensible Regulation
The number of states with legalized casinos doubled in ten years when the Nevada pseudo-monopoly was broken and experts have estimated more than half will offer legalizing sports betting within five years, and you can expect sites like Bovada Sportsbook to join the push for ballot questions on the issue in 2020, if not the midterms. The Supreme Court ruling could still be overridden by an act of Congress and it remains to be seen how President Donald Trump, famed for owning casinos, responds to this decision.
The market reaction might just prompt him to interfere. Wynn Resorts, owners of land based casino resorts, lost 2% of its share value as the news of the Supreme Court ruling broke, with Churchill Downs (the horse track owners) seeing theirs bounce by 5.73% and online gambling entities like Bovada Sportsbook, including numerous big names in the industry) gaining double figure percentages on their share price as their future brightens and US gambling laws finally start to catch up with the rest of the 21st century.