Sports betting legalized (state-by-state basis)!!

[JasonEvans]

The Supreme Court has legalized sports betting in states other than Nevada.

https://www.usatoday.com/story/news/...ey/1053022001/

The justices ruled 7-2 that a 25-year-old federal law that has effectively prohibited sports betting outside Nevada by forcing states to keep prohibitions on the books is unconstitutional. The ruling could set the stage for other states to expand legalized gambling as a source of government revenue.

"Congress can regulate sports gambling directly, but if it elects not to do so, each state is free to act on its own," Alito said.

The court's action could jump-start action in Congress to pass legislation calling for federal regulation of sports betting -- something the sports leagues would prefer over separate rules from state to state.

-Jason "I bet you will see states jump to get a piece of this income. New Jersey will have this in place fast as you can Thanos your fingers. Lotteries are a huge revenue generator and sports betting could be too" Evans

[devildeac]

Great news, especially for you, richardjackson, Troublemaker, JNort, fdd, etc.

[westwall]

The Supreme Court has legalized sports betting in states other than Nevada.

Well, not quite. The Court held that states CAN legalize betting, but left it up to each state to decide whether to do so. Many, like New Jersey, will.

[camion]

I expect betting will follow the path that lotteries did. Many states that rail against the evils of gambling will add it when they see $$$ going across the border to less virtuous states.

But whither the tribal casinos? or is that a different kind of betting?

[ChillinDuke]

Degenerates rejoice!!!

- Degenerate

[PackMan97]

So, basically EVERYONE can make money from college athletics, except the athlete...interesting. most interesting.

[flyingdutchdevil]

Great news, especially for you, richardjackson, Troublemaker, JNort, fdd, etc.

Breaking news. Supreme Court will only allow pies and beer as betting currency.

[flyingdutchdevil]

So, basically EVERYONE can make money from college athletics, except the athlete...interesting. most interesting.

Not true. Most of our b-ball walk ons come from loaded families

Can we please think of more ways to screw over these kids?

[NSDukeFan]

Great news, especially for you, richardjackson, Troublemaker, JNort, fdd, etc.

I guess I no longer have to report them. ��

[UrinalCake]

Can we please think of more ways to screw over these kids?

I have no doubt that within a couple years we’ll find out that a player was given money to throw a game. It won’t be a OAD, Marvin Bagley type of player. It will be a regular rotation type player who doesn’t have millions of dollars in earning potential in his future.

[AGDukesky]

So, basically EVERYONE can make money from college athletics, except the athlete...interesting. most interesting.

Are you telling me that people actually win money gambling?! That would be a nice change...

[Troublemaker]

Great news, especially for you, richardjackson, Troublemaker, JNort, fdd, etc.

Haha, I am perhaps surprisingly unmoved/ambivalent about the news. I could write an expansive post about this, but the high-level short version is:

(1) No seasoned bettor with accounts at SBR-rated A or A+ offshore books will be ditching those in favor of the new books that will be popping up, even if they pop up within a 5-minute drive. Some of those offshore books have two decades of experience in attracting and keeping customers and blow away Vegas books in terms of what they offer in bonuses, reduced vig (e.g. imagine betting $105 to win $100 instead of $110 to win a $100), betting options/variety, and customer service. The new brick-and-mortar books popping up as a result of this decision will be for newbies to sports gambling, not vets, imo.

(2) I liked the previous slight barrier of entry (fly to Vegas or get an offshore account) to sports betting. Obviously the one advantage of new books popping up in most states will be the convenience to locals who live nearby. The spread of "The Supreme Court made sports gambling legal across the country!" news will intrigue and attract lots of newbies to those books, and the one thing about many newbies is that they don't know when to stop, cut their losses, and avoid tilt. If 1 out every 100 new sports gambler does serious damage to their finances (and I believe 1 out of every 100 to be a low estimate) as a result of ultra-convenient and available sports gambling, it does give me pause.

[DevilHorse]

If you love this or hate this, you can point to one person who was the catalyst for this happening: the ex-governor of New Jersey Chris Christie.

When Christie came into office, he stopped any subsidy that the states gave to the Horse Tracks for their races ($20M per year I recall), thus cutting off a major revenue stream (note that the state gets more back in taxes).
Christie also did not allow New Jersey tracks to allow Casino gambling to occur on premises, which occurs in all of its surrounding states. This is because of the strong lobbying from Atlantic City (who could have had a piece of the Casino pie in all of these places), which wanted exclusive rights to NJ casino gambling.

These so called Racinos (half Racetrack - half Casino) built in other states allowed partial subsidy from the Casino winnings to go into Track purses that attracted horses out of New Jersey and into the surrounding states.
This decimated the state breeding industry (Big sires left as soon as Christie said NO) and purse structures at New Jersey standardbred and thoroughbred tracks. Christie then privatized the tracks so they could sink or swin.
In an effort to find new revenue streams, with Casino Gambling (the lifeline of its competitors in neighboring states) the New Jersey tracks looked toward legalized Sports Betting.
A referendum to allow sports betting was put on the state ballot and passed, but just as the tracks were going to enact Sports Betting, the Federal District Court said no (The suit was by the major sports leagues and the NCAA).
So, an appeal to the Supreme Court resulted; Governor Christie didn't object to what the tracks were doing, led by Monmouth Park, so the appeal of the District Court decision proceeded. Until today.

Las Vegas has been doing it for a while and we are all here to tell the tale.
Monmouth Park has already built a room in preparation for this moment and expects to be taking bets in 2 weeks.
If it is half the hit the Food Trucks are, it will be a winner.

Larry
DevilHorse

[lotusland]

So, basically EVERYONE can make money from college athletics, except the athlete...interesting. most interesting.

Or lose money. My friends always seem to break even or come out ahead in Vegas but that means odds are that your friends are losing their shirts.

[lotusland]

This could start a new trend at the Carolina Cup in Camden where people actually watch the horses instead of the party. Nah. The Palmetto State will likely finish second to last ahead of Mississippi for legal weed and gambling.

[sagegrouse]

So, basically EVERYONE can make money from college athletics, except the athlete...interesting. most interesting.

And basically everyone can LOSE MONEY except the athlete.

[PackMan97]

And basically everyone can LOSE MONEY except the athlete.

After talking with my father-in-law who has fancied himself a semi-professional gambler from when he lived in Vegas, he's only ever won money. Never lost it. I assure you, the only people who lose money in college sports are those that buy Carolina football tickets.

[BLPOG]

Well, not quite. The Court held that states CAN legalize betting, but left it up to each state to decide whether to do so. Many, like New Jersey, will.

We could do with an update to the thread title, IMO.

[madscavenger]

What's next, legalizing the sale of unhedged futures on the Vancouver Exchange?

[dudog84]

Or lose money. My friends always seem to break even or come out ahead in Vegas but that means odds are that your friends are losing their shirts.

Nobody brags about their losses.

This seems like a no-brainer ruling by the Supreme Court. Though I'm not a fan of state-sponsored gambling. I never see a Jaguar pull up to the 7-11 and the driver run in to buy a lotto ticket. I am a big believer that adults should be able to do what they want. Unfortunately, losers now look to social services for help.