Sports betting is officially legal: Here’s who’s set to cash in
Yesterday, the Supreme Court voted 6-3 to overturn a 20-year federal law and legalize betting on sports.
Now states, online betting companies (like DraftKings and FanDuel), and platforms that broadcast games are looking at good odds to capture part of the estimated $150B illegally wagered on sports in the US each year.
Let the games begin
According to USAToday, only a few states will be ready to capitalize on taxes from legal sports betting in time for the 2018 NFL season, including New Jersey (which launched this whole battle after attempting to legalize sports gambling in 2011), West Virginia, Delaware, and Mississippi.
Meanwhile, fantasy sports platform DraftKings has already been working on a product to let people gamble on the outcome of games, in preparation for the Supreme Court’s decision.
No word on how major networks plan to cash in, but TechCrunch speculates that they, as well as Facebook, Twitter, and YouTube (which have each signed streaming deals with their own respective sports leagues) will surely increase the probability of new revenue opportunities.
The NBA is looking at a layup
Unlike the NHL, NFL, and NCAA, who have historically opposed legal gambling, NBA Commissioner Adam Silver has been a vocal supporter since publishing his op-ed in the New York Times in 2014 titled, “Legalize and Regulate Sports Betting.”
And, NBA players already covered the spread: As of 2017, the NBA’s collective bargaining agreement includes “a provision to include gambling proceeds as part of basketball-related income.”