Lay your money down: Court says states can OK sports betting

UNITES STATES.- The Supreme Court cleared the way Monday for states coast to coast to legalize betting on sports, breaking a longtime ban and creating a potential financial boon for states and the gambling industry. The first bets could be placed within weeks.

Despite opposition from the major sports leagues and the Trump administration, the high court struck down a federal law that had barred betting on football, basketball, baseball and other sports in most states. States that want to take advantage of the ruling now will generally have to pass legislation to allow sports books to open. Some, including New Jersey, which brought the case to the Supreme Court, have a head start.

Sports leagues had expressed concerns about any expansion of sports gambling. Their huge businesses could be badly harmed if people thought the outcome of games could be altered by someone who had wagered money on a certain result.

However, the ruling also could be seen as merely bringing an activity out of the shadows that many people already see as a mainstream hobby. Americans wager about $150 billion on sports each year illegally, according to the American Gaming Association. The law the justices struck down forbade state-authorized sports gambling with some exceptions and made Nevada the only state where a person could wager on the results of a single game.

Stock prices for casino operators and equipment makers surged after the ruling was announced.

Gambling on sports could quickly become widely available, with one research firm estimating that 32 states would likely offer sports betting within five years.

The ruling “opens up the flood- gates” for sports gambling in any state that wants to have it, said Daniel Wallach, a sports law expert in Florida.

The decision had been eagerly anticipated by gamblers and also states that hope their cut of legalized sports betting can help solve budget problems. States that have already laid the legal groundwork include New Jersey, where one racetrack said it would begin taking bets within two weeks. Mississippi and West Virginia have also been preparing for sports betting, and gamblers there could be placing bets as early as this summer and certainly before the NFL season starts in September.

Delaware, too, could quickly expand beyond certain bets currently offered at its casinos. Pennsylvania and New York have also made moves to begin sports gambling. However, other states that want to allow sports betting could still see several Super Bowls come and go before people there can place a legal bet close to home.

The Trump administration had urged the high court to uphold the law, surprising perhaps because the president is the former owner of a New Jersey casino, the Trump Taj Mahal, now being remade into a Hard Rock casino resort. All four major U.S. professional sports leagues and the NCAA also had urged the court to uphold the federal law, saying a gambling expansion would hurt the integrity of their games. They also said that with legal sports betting in the United States, they’d have to spend a lot more money monitoring betting patterns and investigating suspicious activity.