A day after the U.S. Supreme Court overturned the sportsbetting ban in the country, the fallout has already begun, as state lawmakers begin introducing legislation to regulate the activity at a state level, sports leagues are lobbying for their interests, and betting companies see their values surge.
Several states have introduced bills to legalize and regulate sportsbetting within their borders. Before the ruling, the states of New Jersey, Connecticut, Pennsylvania, West Virginia, and Mississippi had all passed bills to legalize wagers on sports in anticipation of the ruling. The states of California, Illinois, Indiana, Michigan, Kentucky, Missouri, Iowa, Kansas, Oklahoma, Louisiana, New York, Rhode Island, Maryland, and South Carolina are all working on bills to try to get in on the action soon.
The prevailing thought is that states that regulate soonest will have a foothold to grab travelers looking to place wagers. These states will also reap tax revenues, which can be used for programs like fixing roads, boosting education, or help balance budgets.
The country's professional sports leagues were opposed to the expansion of sportsbetting, claiming that the integrity of their sports were at risk. Whether that's a valid complaint or the leagues just want to get a piece of the action is up for debate, but it appears that they are (begrudgingly) starting to accept reality. In a statement the National Football League said:
"The NFL's long-standing and unwavering commitment to protecting the integrity of our game remains absolute. Congress has long recognized the potential harms posed by sports betting to the integrity of sporting contests and the public confidence in these events."
"Given that history, we intend to call on Congress again, this time to enact a core regulatory framework for legalized sports betting. We also will work closely with our clubs to ensure that any state efforts that move forward in the meantime protect our fans and the integrity of our game."
Betting companies saw their share prices rise after the announcement, with Scientific Games up 10%, while Caesars was up 6%. Companies with experience in the regulated sportsbetting sector did well also, as Paddy Power Betfair was up more than 8%. That company has a presence in New Jersey and is poised to pounce on the Garden State's sportsbetting industry, which could launch in a few weeks.
William Hill has been a major player in Nevada's sportsbetting scene, and they're also set to do well in the new market. The company released a statement that read: "This is a landmark moment for sports betting and for William Hill," Bowcock said in a statement.
"Now, all attention shifts to the states, where steps have already been taken to prepare for this day.
"Legalised sports betting means that consumers and sports leagues will have greater protection, states will benefit from the raising of taxes and there is the potential for over 100,000 jobs to be created."
Casino Listings News will continue monitoring the legalization and regulation of sportsbetting in the United States and will post additional articles as we learn more.