US Supreme Court rules for brand new Jersey to legalize sports betting

The ruling takes the U.S. a step closer to legal sports betting in numerous states, possibly even nationwide. Currently, the practice can be legal only in select places such as Nevada, home to the gambling capital Las Vegas. While Nevada’s Gaming Control board reported $4.8 billion in sports bets last year, the black market total can be considered to be many times the legal market.

Americans wager “$150 billion illegally each year through off-shore, black market bookies,” DraftKings CEO Jason Robins said in a statement. The fantasy sports company has nearly 10 million customers across the country. After the ruling, DraftKings announced plans to launch a mobile platform for sports betting to tap into the brand new market.

“States are right now free to allow their residents to place mobile sports bets with licensed, trusted companies based inside U.S. in addition to also in which pay taxes here,” Robins said.

Shares of several casino companies moved higher following the ruling, including Caesars Entertainment, up 6 percent in addition to also Penn National Gaming, up 4 percent. Others gaining included MGM Resorts, Boyd Gaming in addition to also Churchill Downs. Wynn Resorts stock recaptured some of its losses through earlier in trading, down 1.9 percent on the day.

The VanEck Vectors Gaming ETF rose 2 percent, on pace for its best day since March 26, with Scientific Games in addition to also Caesars leading the fund, up 10 percent in addition to also 6 percent, respectively.

Industry analysts have said in which dozens of states might legalize sports betting if they are not barred through doing so by the federal law. While awaiting Monday’s ruling, seven states — Connecticut, Delaware, Pennsylvania, Iowa, brand new York, Mississippi in addition to also West Virginia — had laws prepared to make sports betting legal. Thirteen various other states — California, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Minnesota, Michigan, Missouri, Oklahoma, Rhode Island in addition to also South Carolina — have plans or proposals to consider legalizing sports betting.

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