Gambling stocks jump after sports betting ban ruling

Frederick Owens
May 15, 2018

The Supreme Court of the Untied States struck down the federal law stopping states from deciding whether or not to legalize sports gambling Monday, but it's not likely that SC will be placing bets any time soon. That could create an entirely new advertising category that radio managers might want to keep their eyes on.

One research firm estimated before the ruling that if the Supreme Court were to strike down the law, 32 states would likely offer sports betting within five years.

The justices voting today to give states the go-ahead to allow sports gambling across the nation.

"Today's decision opens the door for regulated esports betting in the USA, but the question remains of how each state will treat esports", Eilers & Krejcik game industry analyst Chris Grove explained in a note to GamesBeat.

After the ruling came down that the Supreme Court had overturned the ruling that made sports betting illegal, National Basketball Association commissioner Adam Silver released the following statement. "As each state considers whether to allow sports betting, we will continue to seek the proper protections for our sport, in partnership with other professional sports". Those states are New Jersey, New York, West Virginia, Mississippi, Pennsylvania and CT.

Sen. Julian Carroll, D-Frankfort, was quick to say, "I told them so", pointing to a measure he filed last September to allow sports gambling in Kentucky should the court allow it.

"I think that this is going to significantly increase the amount of competitors out there for us", said Robins in an interview with Cheddar after the ruling.

William Hill has infrastructure in place in DE as well as New Jersey, but Asher did not give a timeline for starting operations in that state.

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Murren said the company will offer sports wagering at its casinos if lawmakers approve regulatory frameworks in those states.

Doug Harbach, a spokesman for the Pennsylvania Gaming Control Board, declined to speculate about how long it will take the board to craft the rules to get sports betting up and running in Pennsylvania. He says sports betting would target the same people his data shows buy scratch lottery tickets: people who already rely on government services like food stamps and Medicaid. "From complex intellectual property questions to the most basic issues of player safety, the realities of widespread sports betting must be addressed urgently and thoughtfully to avoid putting our sport's integrity at risk as states proceed with legalization".

The Supreme Court's decision on Monday sent waves throughout a country obsessed with sports. "People enjoy betting on sports".

Another 12 states have introduced legal sports gambling legislation.

"We don't believe it has a place in this state", said Kohler.

Inside Zi's Sports Pub and Eatery, news of the High Court's decision was met with praise.

Reactions to the Supreme Court ruling across the sports world weren't limited to the league offices.

The ultimate goal is online gambling, he maintains.

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