Supreme Court Overturns Ban on Sports Betting
The world of sports betting enthusiasts woke up to a remarkable announcement from the Supreme Court on May 14th, 2018 as they had announced their decision to overturn the ban on sports wagering. Stocks within the casino industry have soared as a preliminary reaction to this breaking news. This decision allows for either the federal government to regulate sports betting across the United States, or states will have the freedom to pick and choose whether they would be interested in regulating and supporting the sports betting industry.
Daily-Fantasy Sports Sites Take Advantage
The popular daily-fantasy sports sites DraftKings and FanDuel are taking advantage of this Supreme Court decision, and they have already announced their plans to adapt their current markets and platforms into the sports wagering industry if states choose to legalize it with legislation.
DraftKings had previously announced that it had intentions to explore the sportsbook industry, and even hired an experienced sportsbook creator to help verify their pledge. Before DraftKings or other fantasy websites can legally offer sports wagering to the United States, they will need to ensure that they are operating legally within every potential jurisdiction, similar to how they operate their daily-fantasy sports services.
The Future of Sports Betting
With the recent announcement in regards to sports betting, the future looks more promising than ever, considering that stocks are already rising in anticipation for sports betting product becoming legal in the United States. The previously unregulated sports wagering industry will likely fade into a profitable gold mine if states elect to regulate their markets.
When looking at a popular foreign sports wagering site like Bet365, they set a pretty good example as to what DraftKings and FanDuel are looking to become within the United States. The future is extremely bright for this industry, so long as it is regulated in the appropriate ways to make the experience as positive as possible for everyone involved.
Positive and Negatives of the Decision
There are many positives and negatives that will derive from the historical Supreme Court decision in regards to sports betting. Some of the major positives is that online bettors will no longer have to wager in offshore and unregulated markets in order to enjoy the sports wagering experience. In addition, any state that offers a regulated sports betting market will likely increase their internal revenues from this industry.
The sports leagues that present competitive athletics to the United States expressed concerns over the decision. They believe that the integrity of their leagues could be in danger with large amounts of money being stakes on their games. Many of the sports leagues committed to supporting the decision, but did not comment on how they would protect their integrity.
