Boxing title bouts are back in Atlantic City after it was announced that a WBO match between champ Sergey Kovalev and Eleider Alvarez will take place Aug. 4 at the new Hard Rock Atlantic City, which opens June 28.
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Nevada’s near-monopoly on sports betting is all but over. A fact that will likely stop Nevada sportsbooks from posting record-setting revenues again this year.
On Monday, the US Supreme Court paved the way for states outside Nevada to legalize sports gambling. The court struck down the Professional and Amateur Sports Protection Act (PASPA). PASPA is the 1992 federal law that banned sport betting everywhere outside Nevada. Limited sports gambling in Delaware, Montana, and Oregon had also been exempt from the law.
In a 6-3 vote, the Supreme Court declared PASPA unconstitutional. In the court’s written decision, Justice Samuel Alito said states should be free to make their own choice on sports gambling, opening the door to legalized and regulated sports betting across the country.
Since it was New Jersey taking on PASPA, racetracks, and casinos in that state will likely be the first to start taking bets, and ultimately business from Nevada sportsbooks. But they won’t be the only ones.
Anticipating the Supreme Court would rule in New Jersey’s favor, other states passed legislation making sports betting legal. These states include:
These states should have sports books up and running over the next few months. That means gamblers from states who previously placed sports bets while vacationing in Las Vegas will soon be able to get in on the action locally.
Plus, several other states have considered similar sports gambling legislation over the past few months. The Supreme Court decision may very well give these states the push they need to pass sports betting legislation of their own. The states include:
By the time these, and possibly other states get on board with legal sports gambling, more than half the country won’t need to travel to Nevada to make a legal bet anymore.
Legal sports betting has been hailed as a way to tax and regulate what the American Gaming Association estimates is a $150 billion-a-year illegal sports betting market. Part of the estimated three percent of that money that is bet legally in Nevada every year may be lost in the shuffle as well.
Nevada sportsbooks generated record revenues last year. According to the Nevada Gaming Control Board, total revenue from sports wagering reached a record $248.8 million in 2017. The previous record of $231.8 million was set in 2015. In fact, Nevada sportsbook revenues passed the $200 million for the first time in 2013 and haven’t looked back since:
The total amount bet in the state, also referred to as handle, reached a whopping $4.87 billion in 2017. A number that also set new records. Nevada sportsbooks handle hit $4.51 billion in 2016. It has been above $4 billion for three straight years.
Industry insiders say sportsbooks have enjoyed growth in wagering on every sport. Numbers that can at least in part be attributed to mobile wagering. More than a dozen Nevada sportsbooks now offer mobile apps allowing gamblers to make a bet on their smartphone or other device connected to the internet, including:
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It may be difficult to pinpoint exactly how much money is bet at Nevada sportsbooks by visitors from states that will now have legal sports betting of their own. However, it’s easy to see that at least some percentage of that money won’t be bet at Nevada sportsbooks anymore.
Futures wagers will most definitely be affected. Out-of-state vacationers simply won’t have the need to place a bet on their local team to win the title outside of their home state anymore.
Handle numbers at Nevada sportsbooks will most definitely be down from the record $4.87 billion set last year. Regardless of what mobile wagering does in Nevada, the Supreme Court paving the way for outside states to legalize sports gambling will be the clear answer as to why.
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With NJ sports betting cleared for takeoff and Atlantic City casinos and state racetracks waiting, the state Legislature is in the spotlight as sports betting regulatory bills move through the Assembly and Senate.
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Valentin Vornicu and Maurice Hawkins spent over sixth months tied atop the World Series of Poker Circuit titles leaderboard with ten gold rings. On May 13th, 2018 Vornicu won his …
One of the original authors of the 1992 federal law banning sports betting that was struck down by the US Supreme Court this week plans to introduce new sports gambling legislation to Congress.
Utah Republican Senator Orrin Hatch, one of the four original authors of the Professional and Amateur Sports Protection Act (PASPA), will introduce a bill to Congress aimed at establishing new standards for sports betting in the US.
Sen. Hatch says the legislation is an effort to protect consumers and states that have no plans to legalize sports betting, all while upholding the integrity of sports itself:
“The problems posed by sports betting are much the same as they were 25 years ago. But the rapid rise of the Internet means that sports betting across state lines is now just a click away. We cannot allow this practice to proliferate amid uneven enforcement and a patchwork race to the regulatory bottom. At stake here is the very integrity of sports. That’s why I plan to introduce legislation in the coming weeks to help protect honesty and principle in the athletic arena. I invite stakeholders and my colleagues on both sides of the aisle to join me in addressing this important issue.”
Monday’s Supreme Court decision upheld a 2014 New Jersey law allowing sports betting in casinos and racetracks there. At the same time, it struck down PASPA, the law that prohibited sports gambling everywhere except Nevada, and limited sports betting in Delaware, Montana, and Oregon.
It was a 6-3 vote that now opens the door to legalized sports gambling, not just in New Jersey, but across the country.
In the Supreme Court decision, Justice Samuel Alito wrote that PASPA infringed upon state sovereignty laid out in the Constitution. He said states should have a choice when it comes to sports gambling. However, he also opened the door for further action from the federal government:
“The legalization of sports gambling requires an important policy choice, but the choice is not ours to make. Congress can regulate sports gambling directly, but if it elects not to do so, each state is free to act on its own.”
Hatch, the Senate President Pro Tempore, who is said to be retiring from Congress following the current session, said he plans to:
“Seize this opportunity to establish fundamental standards for sports betting that will uphold the integrity of the game, protect consumers, safeguard against underage and problem gambling, and help states who choose not to permit sports betting within their borders.”
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Visit Golden NuggetSen. Hatch says PASPA was created to protect the integrity of athletics from corruption, including gamblers fixing games. He points to the fact 62 senators cosponsored the bill, and that it passed the Senate 88 to 5, as a clear indication of widespread support for at least the intention of the law.
In the meantime, New Jersey racetracks and casinos are expected to roll out legal and regulated sports betting within the next few weeks.
After the Supreme Court agreed to hear New Jersey’s case against PASPA, seven other states also passed laws that would make sports betting legal if the court ruled in its favor.
The following states are also expected to have sports betting up and running within the next few months:
Several other states have also been considering similar legislation. The Supreme Court decision may now give these states the push they need to enact sports betting legislation, even before Hatch and the rest of Congress can act. The states include:
New Jersey’s law allowing sports betting in casinos and racetracks originally landed in the courts because of efforts by major sports leagues in the US to have it struck down.
The National Football League stopped short of voicing support for Sen. Hatch’s proposed legislation. However, the NFL’s initial reaction to Monday’s Supreme Court decision was a statement calling for at least some action from Congress:
“The NFL’s long-standing and unwavering commitment to protecting the integrity of our game remains absolute. Congress has long-recognized the potential harms posed by sports betting to the integrity of sporting contests and the public confidence in these events. Given that history, we intend to call on Congress again, this time to enact a core regulatory framework for legalized sports betting. We also will work closely with our clubs to ensure that any state efforts that move forward in the meantime protect our fans and the integrity of the game.”
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A change in federal law allows Pennsylvania to follow through on plans to offer sports betting.
In a landmark decision issued Monday, the US Supreme Court erased an outdated prohibition that had stood since 1992. The majority of the nine-member court ruled that states should be permitted to legalize and regulate sports betting at their own discretion. Nevada’s monopoly on single-game wagering will be consigned to history alongside the defunct federal ban.
Pennsylvania is among the small group of states that got a jump on the ruling, legalizing the activity as part of last year’s gambling expansion package. The decision from SCOTUS essentially activates that part of the law.
The process of getting PA sports betting off the ground can now begin, but a timeline for placing the first legal bet is hard to pin down.
The law directs the PA Gaming Control Board to establish regulations now that federal hurdles are out of the way. The first step, then, is putting the details down on paper. The 2017 legislation provides a good start, but there are some gaps for the board to fill in.
The PGCB issued this statement following the ruling:
The Gaming Expansion legislation, Act 42 of 2017, did specifically authorize Sports Wagering by the Commonwealth’s land-based casinos when a Federal court decision was reached that permits a state to regulate sports wagering. The Board is reviewing the court opinion in its entirety to properly understand the full opinion.
The Pennsylvania legislature saw Sports Wagering as a key element of overall gaming expansion, and took the initiative prior to this decision to authorize Sports Wagering which does provide some guidelines on implementation. The next step for Pennsylvania would be for our staff to draft appropriate regulations and seek approval of those regulations by the Board. At this time, we cannot provide a timetable on the completion and approval of these regulations or the launch of Sports betting in Pennsylvania.
Once it finalizes regulations, the board can begin accepting applications from operators. Each of the initial applicants will be existing casino licensees, so the vetting process shouldn’t be too cumbersome.
Neighboring states are pressing their own timelines, which could help drive regulatory progress in Pennsylvania. New Jersey, for instance, is prepared to roll out sports betting within weeks, and West Virginia should launch before the NFL season this fall.
PA sports betting licenses are available to all 12 casinos and racinos. Once approved, licensees will be permitted to offer bets both in-person and through mobile and internet platforms.
Although there are 12 available sports betting licenses, a couple will probably go unclaimed. The costs associated with operations may inhibit the industry to an extent.
For starters, the barrier to entry is very high in Pennsylvania. Operators will pay $10 million for a sports betting license, an untenably steep price for smaller properties.
Even for the largest ones, tax rates will make it hard to turn a profit on sports betting. State and local governments will take 36 percent of revenue, which is higher than nearly every other proposal. Nevada, for example, imposes a tax rate of 6.75 percent on its existing market. In addition, an excise tax gives the federal government 0.25 percent of all wagers, won or lost.
After covering expenses, PA bookmakers can expect to do barely better than break-even.
Direct revenue is not the primary reason to offer sports betting, though. Casinos view it as a guest amenity, a tool to help get and keep people in the building. To that end, a sportsbook is as appealing as any amenity a property can offer.
This is especially true for the casinos in the state’s two big sports cities.
Rivers Casino has a monopoly on the local Pittsburgh market, and it will almost certainly pursue a license. The same can be said for the three Philadelphia properties — SugarHouse, Parx and Harrah’s Philadelphia. The planned Stadium Casino property is also a candidate to join the local party in time.
Expect to see Hollywood Casino, The Meadows and Presque Isle on the list of licensees, as well. Their parent companies are pressing particularly hard in the space these days.
The case in question was Murphy vs. NCAA, or the “New Jersey sports betting case.” In short, it centered around the state’s right to regulate the activity underneath a federal ban.
NJ’s efforts to create a sports betting industry date back to 2009, when a state senator announced plans to challenge the ban.
Congress had conceived the Professional and Amateur Sports Protection Act (PASPA) as a way to stem the tide of illegal sports betting in the early 1990s. Instead, its passage fostered a thriving gray market with tens of billions of dollars changing hands under the table.
Voters approved NJ sports betting by referendum in 2011, but the sports leagues challenged the enabling law that followed. Citing PASPA, the NCAA, NBA, NFL, NHL, and MLB brought suit against the state. District and Circuit courts ruled against the state on several occasions before Gov. Chris Christie successfully appealed to the Supreme Court.
The state racked up almost $10 million in legal fees during the years-long battle, but it got the desired result. The court’s ruling granted victory for both NJ and other states in the form of a PASPA repeal.
The post What The SCOTUS Sports Betting Decision Means For PA appeared first on Play Pennsylvania.
The U.S. Supreme Court on Monday ruled that a 1992 federal law that restricted sports betting to just Nevada is unconstitutional, a move that is expected to create a bonanza …
Monday’s Supreme Court decision has paved the way for legal sports betting in the US, but some are hoping it will also accelerate the pace of online poker and casino legalization.
The post Will Lawmakers Merge Sports Betting And Online Gambling Efforts? appeared first on Online Poker Report.
The US Supreme Court paved the way for New Jersey and other states to legalize sports betting this week. It’s a move that may not mean much for legal and regulated US online poker on the surface.
However, a deeper dive into the issue suggests legal sports betting could open up several opportunities for online poker nationwide.
This week’s US Supreme Court decision upheld a 2014 New Jersey law aimed at allowing sports betting in casinos and racetracks in the Garden State. It also struck down the Professional and Amateur Sports Protection Act (PASPA). PASPA is the law that made sports betting illegal everywhere except Nevada, and limited sports gambling in Delaware, Montana and Oregon.
In the written Supreme Court decision, Justice Samuel Alito said PASPA infringed upon state sovereignty guaranteed in the US Constitution. Essentially, Justice Alito said states should be able to make a choice when it comes to sports gambling:
“The legalization of sports gambling requires an important policy choice, but the choice is not ours to make. Congress can regulate sports gambling directly, but if it elects not to do so, each state is free to act on its own.”
The 6-3 vote in New Jersey’s favor actually opens the door to legalized and regulated sports gambling across the country.
New Jersey racetracks and casinos are expected to make sports betting available almost immediately. However, after the Supreme Court heard New Jersey’s arguments against PASPA in December 2017, seven other states also passed legislation making sports betting legal should the court rule in its favor.
That day is now here, and the following seven states could have some form of sports betting running within a year:
The four states that have already passed online poker legislation, including Nevada, New Jersey, Delaware, and Pennsylvania, either already have, or will soon have sports betting too.
Plus, 13 other states have been considering similar legislation and could soon follow suit, enacting sports betting legislation of their own. These states include:
Looking at both lists shows many of the more than 20 states that have previously considered legal and regulated online poker are either ready to go with sports betting, or currently considering it.
In truth, the US Supreme Court decision paving the way for states to legalize sports betting does very little to change the legal landscape for online poker.
The road to legal and regulated online poker was paved in December 2011 when the United States Department of Justice issued a legal opinion on the Federal Wire Act. The DOJ concluded everything outside sporting events falls outside the act’s reach.
It was hailed a victory for online poker, as it clarified it is not in violation of the Wire Act. States have been legally within their rights to pass online poker legislation since then. The fact only a few have has nothing to do with the legality of it. It’s more about online poker not being the kind of issue that gets voters to the polls, or brings in substantial tax revenue.
More states have shown an interest in legal sports betting simply because of the economics of it. Legal sports betting means millions more in tax revenue than online poker ever will. As a result, the change in federal sports betting law does little for online poker. For most states, the issues are separate and distinct.
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That said, it is entirely possible the two issues could be married together. States considering either or both could pass some kind of all-encompassing gambling expansion bill.
In fact, online poker could ride the coattails of sports betting legislation to passage in several states. Particularly in California. Operator suitability issues and the inability of stakeholders in the state to reach consensus have stood in the way of legal online poker for a decade there.
Earlier this year, California Assemblyman and online poker advocate Reggie Jones-Sawyer said he will not be introducing online poker legislation in 2018. However, Jones-Sawyer also said lawmakers in the state are closely watching the US Supreme Court for a decision on sports betting. Apparently, California had an eye on attaching online poker to sports betting legislation in the state next year, should the court strike down PASPA.
Now that this has happened, the door is certainly open.
Of course, nationwide passage of these all-encompassing gambling expansion bills is not expected anytime soon. The handling of both issues clearly differs from state to state.
However, states desperate for new revenue streams could very well go this route. Those that lack the votes to get either issue passed on its own could as well. Facts that have online poker advocates from coast to coast hopeful that online poker language will be stuffed into the next wave of sports betting laws expected to pass across the country over the next year.
In the meantime, many of the gaming and casino companies behind online gambling in the US are expected to be sports betting leaders as well. A fact that could bode well for the continued growth of online poker.
News of the Supreme Court’s sports betting decision sparked a rally in gaming stocks. According to Reuters, online gambling and sports-betting technology company Scientific Games‘ stock rose 11 percent. Meanwhile, stock prices of casino and racing companies including Penn National Gaming (4.7 percent), Caesars Entertainment (5.5 percent), and Churchill Downs (4.9 percent) were all up as well.
Legal sports betting clearly means increased revenues for the same companies behind online gambling and online poker. That may have no direct effect on the online poker side of things. However, bolstered revenue for the various companies behind online poker gives them increased staying power. A fact that could help online poker over the long haul.
Online poker returned to the US in Nevada, Delaware and New Jersey in 2013. However, its growth has been slow. Pennsylvania became the fourth state to pass online poker legislation in 2017. The first online poker rooms in that state should launch sometime in late 2018.
Nevada, Delaware and New Jersey launched the first tri-state shared liquidity games at the beginning of this month. Plus, Pennsylvania is expected to enter into that agreement sometime in the near future, growing US online poker even further. That represents true growth, albeit at a snail’s pace. Now, with no clear sign that it’s going to speed up anytime soon, the increased staying power of the companies behind online poker could prove increasingly important for the future of the game.
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When it comes to revenue, Caesars NJ is the most volatile online casino operator in the New Jersey online gambling market. But its online poker operations are as steady as it gets.
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