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Offbeat With sports betting legalized, who will hit the jackpot?

17:32  16 may  2018
17:32  16 may  2018 Source:   cbsnews.com

What it means: Supreme Court strikes down PASPA law that limited sports betting

  What it means: Supreme Court strikes down PASPA law that limited sports betting The U.S. Supreme Court ruling in favor of New Jersey on Monday effectively killed the Professional and Amateur Sports Protection Act (PASPA), the federal law that essentially limited sports betting to one state for the last 25 years. PASPA was declared unconstitutional in the 7-2 decision, meaning it will be up to states – including New Jersey, which has sought to establish sports gambling for years – to decide whether to allow its residents to bet on sports. Here’s a breakdown of what the ruling by the nation’s highest court means: What is PASPA?  PASPA was signed into law by President George H.W.

" Legalized 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," said CEO Philip Bowcock of William Hill in a press release. "We welcome the ruling and

With sports betting legalized , who ’ll hit the jackpot ? May 15th, 2018.

After Monday's Supreme Court decision that essentially OK'd wagering on college and pro sports games in many states, the speculation about who's going to profit exploded. Plenty of money is surely to be made, but the size of the payout won't be clear for a while.

Jefferies analyst David Katz is hedging his bets when it comes to forecasting its impact, though he views the ruling as a positive for casino operators. In a recent note to clients, Katz estimated the sports betting market at $1.2 billion to $57 billion and the potential revenue at between $62 million to $2.9 billion for casinos. His wide range of estimates is by design.

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"Adults who bet on NFL regular season games watched, on average, 11 more minutes of each game than adults who didn’t bet – 90 minutes for NFL First, I am skeptical that the boon in sports betting will yield a huge bump in ratings given the trends affecting the NFL. Ratings fell 10% during the most

Legal sports betting coming soon to several US states. A decision by the Supreme Court means American sports fans will soon have many more places to place legal bets on the results of football, baseball, basketball, hockey and other games. Five states have the edge in the race to legalize

"A set of regulations and taxes need to be put into place, and we don't know what those are," Katz said in an interview. "We have seen situations in gaming where regulatory bodies are set up and tax rates are set up that's a structure so onerous that it doesn't benefit the operators to pursue it. The returns aren't good enough. It winds up being a much smaller business than anyone expected."

Ceasar's Entertainment, which operates 50 casinos, and Penn National, which has 23 properties, should benefit the most from legal sports betting, according to Katz. Casinos don't make huge profits from sports bookmaking, but they hope the service will attract more visitors to their properties where players can engage in more profitable games, for the house, such as slot machines.

Five predictions for how the expansion of legalized sports betting might affect sports broadcasting

  Five predictions for how the expansion of legalized sports betting might affect sports broadcasting There’s been a longstanding complicated relationship between sports betting and sports broadcasting, seen in everything from Jimmy the Greek on The NFL Today through countless veiled references to the line (it’s appropriate that one star of those, Brent Musburger, is now talking about gambling daily) through segments like Scott Van Pelt’s “Bad Beats.” Gambling is a huge Read more The post Five predictions for how the expansion of legalized sports betting might affect sports broadcasting appeared first on Awful Announcing.

Experts believe that legalized sports betting is coming to the United States by 2020, if not sooner. Momentum is building to expand legal sports PGA Tour re-asserts support for legal wagering in wake of Supreme Court ruling.PGA Commissioner Jay Moynahan had voiced his support for legal

Kansas held sports betting hearings in the months before the Supreme Court issued its decision, but took no action afterward. Oregon already has a law on the books permitting some forms of sports betting , and the law could be expanded in the future if lawmakers are so inclined.

Many casinos off the Las Vegas Strip outsource their bookmaking operations, and it isn't clear whether they would be interested in running the businesses now, given the risks involved. U.K. bookmakers GVC Holdings, parent of Ladbrokes and William Hill, however, are eager to expand their U.S. footprints in the wake of the court's ruling.

"Legalized 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," said CEO Philip Bowcock of William Hill in a press release. "We welcome the ruling and expect to be operational in New Jersey as soon as responsibly possible."

According to Height Capital Markets, seven states (Nevada, Delaware,  New Jersey, New York, Pennsylvania, West Virginia and Mississippi) will likely have sports wagering regulations in place for the start of the National Football League season in August. The NFL is by far the country's most popular professional sport with both fans and gamblers. According to the American Gaming Association, gamblers were forecast to wager more than $4.7 billion on the last Super Bowl. 

Why legalized sports gambling is a win for millions of fans

  Why legalized sports gambling is a win for millions of fans Supreme Court ruling strikes down federal law and puts the power to legalize sports betting in the hands of the states.Load Error

The US Supreme Court's decision to allow states to legalize sports betting could provide a massive financial boost to fantasy sports companies. Now, with the US Supreme Court striking down a law that prohibited states from making sports betting legal , both VC-backed operations appear ready to

Track all of the legislation related to legal sports betting in the United States. View map of active bills and links to full bill info in each state. The win for New Jersey means it and other states can legalize sports betting at their individual discretion.

In reaction to the court's decision, the NFL vowed that its "long-standing and unwavering commitment to protecting the integrity of our game remains absolute."

Sports leagues are also eager to get their cut through so-called "integrity fees." According to The Wall Street Journal, Major League Baseball and the National Basketball Association are seeking as much as 20 percent of what sports betting operations typically earn in revenue. And media companies, which shell out billions annually for the rights to broadcast sports, may benefit if they attract new viewers who have wagered on the outcome.

The states will also get a windfall. Victor Matheson, an economist at the College of the Holy Cross, estimates that they'll reap about $4 billion. But that's a fraction of the $18 billion or so states collect from lotteries. 

Wagering isn't as profitable for states. For every $1 lottery ticket that's sold, 65 cents goes to prizes and about 25 cents goes to the government. But states will net only about 1.5 cents from a $1 bet, with about 90 cents going to prizes.

Some gaming experts said they're concerned that the court ruling will create an epidemic of problem gambling.

"The amount of compulsive gambling will go up," said Father Richard McGowen, an associate professor of finance at the Carroll School of Management at Boston College. "Especially a lot of young males are going to get trapped in this … thinking that it's easy money." But for now at least, a range of industries and the states are banking that a windfall is coming.

Goodell: Congress should enact uniform gambling standards for states .
Last week’s Supreme Court decision opening the door for states to sanction sports betting has been met with much speculation.The NFL’s initial response was to ask Congress for “a core regulatory framework” that would govern legalized betting on sports. NFL Commissioner Roger Goodell expanded on that in a statement on Monday that asks Congress to act and outlines four areas that the league believes need to be addressed in any legislation.

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