Will Virginia take advantage of Supreme Court ruling on sports gambling?

May 15, 2018, 15:08
Will Virginia take advantage of Supreme Court ruling on sports gambling?

The Supreme Court overturned a federal law Monday morning that outlawed sports gambling in most states. Chris Christie as lead plaintiff in the Supreme Court case - hailed Monday's ruling and said he'd work with lawmakers to authorize and regulate sports betting "in the very near future". That came even before the Supreme Court ruled, but there's still some finagling over who will pay a so-called "integrity fee", which is essentially a tax on bets that would go to the sports leagues. Monmouth Park is a vital cornerstone for our community in Oceanport, and further, for the entire region." said O'Scanlon "Horse racing is crucial to New Jersey's economy as well as the preservation of our open space.

Arizona Attorney General Mark Brnovich, who had sided with New Jersey in its challenge of the federal law, called Monday's ruling a significant victory for states' rights.

Q: Which states will be next? "We will continue to support legislation that creates air-tight coordination and partnerships between the state, the casino operators and the governing bodies in sports toward that goal".

Many states are not waiting for Congress to act. This denied New Jersey and other states from allowing wagering on sporting events.

This may not be a game-changer for states.

An executive with a company that owns casinos in 18 states and Ontario, Canada, says the U.S. Supreme Court ruling on sports gambling could begin a "land rush" for states to enact sports wagering laws.

Some states see sports betting, like lotteries, as a potentially lucrative source of tax revenue.

Q: Is there anything I won't be able to bet on?

From blockchain to data storage, new technology will undoubtedly play a central role as companies figure out how to make money off fans betting on sports.

Many bills are encouraging mobile and online betting options.

Rob Walgate, vice president of the American Policy Roundtable, is now a gambling opponent after becoming hooked on illegal sports betting in his youth through bookies. The first bets could be placed within weeks. "I don't think that will pass".

The doctrine protects state sovereignty, he wrote, and the betting law had violated it. Connecticut, New York, Pennsylvania and West Virginia have puts laws on the books to allow them to move quickly once the court ruling was handed down, Bloomberg reports.

Q: I already have accounts with DraftKings and FanDuel.

Zenger called it a "Brave New World" moment. They already have the technology in place.

Ironically, online poker and casino enthusiasts have experience with such statewide laws in the USA, which have indeed created certain challenges while at the same time providing licensed internet gambling services to only a very small percentage of US adults.

Q: Are the pro sports leagues happy about this? Betting would be prohibited on any athletic events taking place in New Jersey and on any competitions including a New Jersey college, regardless of where it takes place. But since then, some have altered their stance. Our racetracks have struggled in recent years but we are confident this bill is just what the industry needs to excite and attract customers once again.

And, they probably should have added, "and that we get a piece of the action".

Q: What about the NCAA? Is that happening? Does it impact bettors?

Major League Baseball has issued a statement saying the Supreme Court ruling will have "profound effects" on the league. They liken to this to an "integrity fee", or a "royalty to the league".

The iGaming industry stakeholder consultant's concerns point in the direction of continued friction between commercial, tribal and league interests on the sensitive topic of sports betting legislation.

The fever related to sports betting legislation subsided around 11:00pm Eastern Time Monday, as Twitter activity on the topic temporarily subsided.

IL casino operators support legalizing sports betting, though they've warned against high taxes and fees, saying it would drive up the cost of doing business and prevent them from competing with illegal bookies.

Experts, however, cautioned that illegal gambling was unlikely to disappear just because sports fans could make legal wagers and that professional sports leagues would likely take a cautious approach. Frank Pallone Jr., D-N.J., introduced the Gaming Accountability and Modernization Enhancement Act, or GAME Act.

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