The biggest sports event of the year, Super Bowl LII just commenced and this heated up the sports betting field to red. Bringing with itself a myriad of possibilities for betting on their favorite teams and on the outcome of the matches, this major event naturally reminds both sports fans and all entities in the gambling industry that this year is going to see the official ruling of the US Supreme Court regarding the legality of sports betting.
The effects which this decision is expected to have will impact the whole industry which is why many entities in the industry are eager to see the outcome. It was recently reported that as many as 20 states have already made the move and have filed sports betting bills based on the presumption that the US Supreme might give green light to the industry and rule out the 1992 Professional and Amateur Sports Protection Act.
This regulation set the total prohibition of the states from making the field legal and authorizing sports betting within their boundaries. According to the claims of the state of New Jersey, this act does not belong to this day and age and it breaches the 10th Amendment, according to which any powers not granted to the federal government fall to the states.
Issues in the Sports Betting field
With the official start of the Super Bowl people have the chance to test their knowledge of their favorite sports team and to place their bets on the New England Patriots or the Philadelphia Eagles. For the former, this might be their sixth championship win, while for the latter a potential top position will be a major boost in the right direction.
However, it should be noted that a big part of the places wagers will inevitably be illegal and in the grey sphere, as for the time being, only the gambling venues located in the state of Nevada have the legal right to receive single-game sports bets from gambling enthusiasts.
Now let’s see how this looks figure-wise. Considering the betting which takes place in the said casino venues goes as predicted, as much as $140 million will be wagered in a legal manner by people who are confident in their estimations of the teams. In the meantime, however, more than $4.6 billion will be bet in an illegal way throughout all the state of the US. Geoff Freeman, Chief Executive Officer of the American Gaming Association stated that all this money is going to go straight to the illegal offshore operators, corner bookmakers, and other entities which are not regulated by the gambling laws.
This is one of the main reasons why many people interested in the development of the field are looking forward to June when the official ruling of the 26-year-old law will take place, as this amount of money is needed by the gambling industry for its improvement and future development. March Madness three-week betting period is another annual practice which drains the pockets of many people and feeds the illegal field and there is a chance that 2018 could be the last year where such big amount of money sinks in the murky waters of the illegal sports betting field.