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Supreme Court Opens Door to Legalized Sports Betting

A recent ruling by the Supreme Court may allow states to create laws for legalized sports betting.

Supreme Court Opens Door to Legalized Sports Betting

Source: Shutterstock

The decision from the court has to do with a law that New Jersey was seeking to pass in 2014. This law would remove the prohibitions around running sports gambling at casinos and race tracks.

The law was struck down in courts, but New Jersey continued to file appeals. Finally in 2017, the Supreme Court agreed to hear the case. The result of the decision is seven of nine justices ruling in its favor. This had the court striking down the Professional and Amateur Sports Protection Act enacted in 1992 to protect the integrity of sports.

The result of this ruling from the Supreme Court means that New Jersey can move forward with its law. However, it also does more. It opens the door for other states to push for legalized sports betting. Prior to this, Nevada was the only state that allowed sports betting.

“Now that the Supreme Court has struck down this unlawful and confusing law, it is time for Congress to move the GAME Act forward to ensure that consumer protections are in place in any state that decides to implement sports betting,”Frank Pallone, a Democrat Representative for New Jersey, told USA Today.

Here’s how Twitter Inc (NYSE:TWTR) users are reacting to the news.

  • “Supreme Court overturns sports betting ban. Wow what were the odds…..”
  • “With the Supreme Court ruling, this better open the door for Pete into the HOF.”
  • “Wish the Supreme Court worked that fast for marijuana legalization.”
  • “Supreme Court legalizing something that millions of Americans already do anyways. Step in the right direction. Few other things I can think of that should be given the same treatment immediately.”
  • “Well the Supreme Court has lifted the ban on sport betting nationwide… there goes the little bit of money I have left ??‍♂️”

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2018/05/supreme-court-opens-door-to-legalized-sports-betting/.

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