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What to Make of Gambling Stocks After SCOTUS Ruling
17 May 2018, 01:21 | Sandy Nunez
States are now free to offer sports betting: where do South Carolina leaders stand?
"The atmosphere around sports betting and watching games in the casinos in Nevada is so deeply engrained that it will always have a deep chunk of the market", Duru said. This court ruling is a very bad bet.
Smith specializes in sports law.
After a multi-year legal battle between New Jersey and the four major sports leagues, MLB, NBA, NFL and NHL, to get legalized sports betting outside of Nevada only, the monumental ruling paves the way for Tioga Downs as well as the other three NY state casinos to offer this type of wagering on property once legislation is written and passed by the state.
Don't forget that numerous major players in Nevada - notably MGM and Caesars - have a major presence in markets likely to bring sports gambling to market quickly like New Jersey and Mississippi.
And that's what does concern us about the ruling. "Gambling is something that for members of the Assembly we don't take lightly", he said.
"Obviously high school sports would probably be excluded from it, College sports and university's you don't know if they could be included", Smith said.
The Supreme Court, through the late Justice Antonin Scalia, characterized this federal legislation as "commandeering" - taking the discretion away from - state officials and legislatures.
"Expansion of gaming is a slippery slope", he said.
"I think maybe on the surface it sounds fine", Bourne said. I will just say there have been discussions.
Democratic State Senator Eric Lesser of Longmeadow said a consensus is building among lawmakers that the legislature needs to move thoughtfully, but quickly on the issue.
"Today's decision by the Supreme Court opens the door for states to pass laws legalizing sports betting", Silver said.
It's a very different tone than the one set by Adam Silver, the commissioner of the National Basketball Association, who said in a statement that his league supports a federal framework for legalized gambling in the states that permit it.
Jeremi Duru, an American University professor who specialises in sports and entertainment law, said regardless of what happens, he expects Nevada to remain a major player on the gambling scene.
But the decision will ultimately be left up to the state. Those boards already monitor lotteries and riverboat gambling in Missouri, state owned casinos in Kansas, horse racing in Arkansas and tribal gaming in Oklahoma.
Illegal sports betting was estimated to involve only $25 billion annually when PASPA was passed.
Capped Sports also measures sports betting trends using thousands of bots that make the same bet just before a certain team plays.
West Virginia's casinos have seen declining revenues in recent years, according to Larrick.
On Monday, Dennis Drazin, president and CEO of Darby Development LLC, the operator of Monmouth Park Racetrack said he expected to accept the first sports bet within two weeks.
Notwithstanding arguments over federalism and at which level of government gambling policy should be set, Gentile said it is understandable that people would be concerned about whether betting would infect sports. Early estimates are that sports betting could yield $100 million a year in state tax revenue. For example, at least one state is proposing a $10 million licensing fee and 36% tax on gross gaming revenue on sports wagering. This would be available to those who already have player's memberships previously established at the casinos.
Those who think Nevada will lose money because people will not come to bet misunderstand how the Strip attracts visitors. The in-house satellite radio station praised the decision as enlightened. I think the court ignored the impact that the ruling will have on sports in America, and values you learn form sports.
Here's the thing, though: I'm going to Vegas next month as part of an annual road trip to see baseball games with friends for the first time in several years, and a big part of the reason my group chose to route this year's trip through Sin City was so we could lay down some bets. "So I think it's good news - great news".
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