Billions At Stake As Supreme Court Hears Sports Betting Case
As the U.S. Supreme Court prepares to hear oral arguments Monday on New Jersey’s challenge to the federal ban on sports betting, a multibillion-dollar market opportunity is at stake, according to a recent report by GamblingCompliance, the leading provider of legal analysis and research to the gaming industry.
Should the court rule in New Jersey’s favor, lawful sports wagering is likely to spread to between 21 and 37 states within a period of roughly five years. That would create a nationwide sports-betting market worth $2.0 billion to $5.8 billion in annual revenue* – depending on whether those states choose to authorize wagering via mobile devices as well as at casinos and other retail channels.
A ruling striking down the 1992 federal law that bans sports betting outside of Nevada and three other states is one of at least five possible outcomes of the Supreme Court case, according to GamblingCompliance’s report, ‘U.S. Sports Betting: A Market On The Cusp Of Major Change’, which was published in September.
If such a ruling is made, GamblingCompliance projects that newly authorized sports betting markets in Pennsylvania, Massachusetts, New Jersey and Illinois would all surpass the current size of the market that exists today in Nevada. Under a more bullish legislative scenario, New York would become home America’s largest sports wagering market – with the Empire State pulling in more than $1.1 billion in annual sports-betting win.
The GamblingCompliance report’s analysis of five possible outcomes of the Supreme Court case and their implications is included in the attached release.
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Revenue is the amount retained by sports-wagering operators after all winnings bets are paid. Revenue is not handle, or the total amount staked by bettors.