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States are closer than ever to legalize sports betting

The United States Supreme Court made it easier for states to legalize sports betting, in what can be called a defeat for major American sports leagues. According to a report from Reuters, this also endorses New Jersey’s bid to allow wagering, but also strike down a federal law dating from 1992, which prohibited betting in most places.

The same court upheld the legality of a state law from 2014, which allowed sports betting in locations such as casinos in New Jersey, as well as horse racetracks. The law also voided the federal Professional and Amateur Sports Prediction Act. Currently, specific states consider sports betting – lotteries, for example – as a source of income with a lot of potential.

Shares skyrocketed after the announcement was made

As some were expecting, the ruling regarding sports betting sent the shares in gaming companies and casinos higher. This also put the United States a step close to legal sports betting in quite a few states, some saying that it could go nationwide, rather than just in a few states, like Nevada. Currently, the illegal sports betting market is worth billions of dollars annually in the United States.

“New Jersey has long been the lead advocate in fighting this inherently unequal law, and today’s ruling will finally allow for authorized facilities in New Jersey to take the same bets that are legal in other states in our country,” said Democrat New Jersey Governor Phil Murphy, in a statement.

Until now, sports betting was forbidden in all states, except Nevada, but also Delaware, Montana and Oregon, to a limited extent.

New Jersey, the leading example

Besides New Jersey, five more stats, including Connecticut, Mississippi, New York, Pennsylvania and West Virginia, have already adopted sports betting laws in place, allowing them to move way quicker.

Industry analysts declared that dozens of other states are planning to legalize betting, if there’s a legal way of doing it.

The federal law was struck down by justices, on a 6-3 vote, with the court’s five conservative judges joined by liberal Elena Kagan.

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