The day millions of Americans have been waiting for is finally upon us. The next booming American industry will officially be legal sports betting as of May 14th, 2018.
The Supreme Court of the United States of America has ruled (6-3) that Professional and Amateur Sports Protection Act (PASPA), the nationwide ban on sports betting is unconstitutional therefore delegating responsibility for legalizing and regulating sports betting (land based and online sports betting sites) will fall to the State Governments.
New Jersey's DGE has already made plans to regulate and legalize sports betting, which will be feasible for anyone physically inside of New Jersey at a land-based casino, racing track, or at an online betting site licensed through one of the former. Expect to see NJ betting sites launching in 2018 under the current brands like Resorts Casino, Betfair, Caesars online, Borgata online, and Golden Nugget online.
The Pennsylvania government has also already included plans for the regulation and legalization of sports betting in their state with the passing of an overarching online gambling bill on October 30th, 2017.
Other states we expect to move quickly, enabling operators to offering land based and online sports betting, are New York, Connecticut, West Virginia, and Michigan.
As of today, Nevada is the only state in the US that offers legal sports betting and online sports betting through a sole exception to the PASPA ruling. Other states looking to generate tax revenues from online gaming took major issue with this exception for Nevada, and with New Jersey's Governor leading the pack, took a court case all the way up to the Supreme Court.
For the last three years, BonusSeeker has been closely covering the Murphy vs NCAA case because our players have been itching to ditch their bookies and move to a safe, secure, online sports betting platform where they can not only take outside win and spread bets, but place advance in-game bets the way that people all across Europe and the rest of the world do.
The illegal sports betting industry has been rumored to run $92 billion in wagers per year. If State governments are allowed to tax this activity, likely at 15%, that’s $13.8 billion dollars per year in tax revenues nationwide, which is enough to cover an overwhelming number of social programs to stimulate the economies in a variety of ways.
NJ, the only state with fully legal online casinos is a perfect testing ground to understand the impact as they currently take in over $30 million per year in revenues from online gambling activity. Add sports betting in, and they could see this double in the first year.