The day that has been waited for by gamblers and sports fans for a long time in the United States has come. The US Supreme court annulled the Professional and Amateur Sports Protection Act. The decision is going to bring the monopoly on sports betting in Las Vegas and Nevada to a screeching halt. The federal legislation prevented other states from making unilateral decisions on issues concerning the legalization of betting on professional sports. Many businesses are set to take advantage of this development. William Hill, who is a sportsbook operator, says that they have the intentions to offer locations in New Jersey with sports betting as soon as possible.
The company’s CEO said that the board was looking to start offering sports betting in a few weeks’ time. Jim Murren, who serves as the chief executive for MGM Resorts International, said on Monday that the company was making plans to start offering sports betting in the entire United States as quickly as possible. Murren added that his company had already established the necessary architecture for the deployment of sports betting as soon as the state gives the green light to do so. He noted that the company already had the required software and had developed a mobile application known as PlayMGM. Murren added that the mobile application was already in use in Nevada.
Las Vegas in Nevada is regarded by many as the party capital of the world. The stocks for many casinos in the United States increased in value after the Supreme Court ruling. Some of the companies that came out of the stock market laughing include MGM and the owners of a dominant sports teams such as Mark Cuban. Cuban is an internet billionaire who owns Dallas Mavericks. Mark Cuban said that the decision would see the increase in the value of most sports teams by as much as 100%. However, the ruling was not taken positively by professional sports leagues. These leagues still have many questions regarding the legalization of sports gambling by the United States federal government.
National leagues such as the Major League Baseball and the National Basketball Association had initially pushed for an integrity fee of 1%. However, the amount they will receive after legislation is passed will be less than 1% and could differ from one state to the other. The state of New York has already proposed an integrity fee of 0.25% as part of the sports betting legalization law. Other states like West Virginia have come out categorically to say that they will not be paying any fees to the leagues.