Gambling stocks jump after sports betting ban ruling

Gambling stocks jump after sports betting ban ruling

Gambling stocks jump after sports betting ban ruling

In anticipation of a favorable ruling by the court, DraftKings has been preparing since 2017 to launch a sports betting platform for mobile, providing another advantage for the company.

Iowa was among 18 states that considered legislation to allow sports gambling if the court ruled as it did, but the Legislature adjourned earlier this month without adopting it. A representative for the Michigan Gaming Control Board, who oversees the commercial casinos, said the board will discuss with the Detroit casinos to find out if they wish to offer sports betting. The majority concluded that the Professional and Amateur Sports Protection Act (PASPA) is an unconstitutional move by Congress to tell states what they can and cannot legalize.

The Oregon Legislature's first attempt to kill it off, and replace the money it provided universities with a percentage of video lottery funds, came in 1999 but quickly fizzled.

But the law that previously outlawed sports and esports betting in the US across the board is done.

But the casinos can't start handing out betting tickets just yet.

Per a report from the Sun Herald, the Golden Nugget in Biloxi has been anticipating the Supreme Court ruling for some time now and predicts legal sports betting will be a huge help economically to the area, especially since no other surrounding state allows the activity.

"Pardon the pun, but we face long odds", Danielson said. "It's definitely going to be a good boost for MS".

In his lawsuit, Christie said that the 1992 law violated the 10th Amendment which protects states rights. Casino owners will need to submit paperwork that lays out how it will operate their sportsbook. Nevada, which already had sports betting before the law was instituted, was grandfathered.

"The Supreme Court agrees with us today". The law the justices struck down forbade state-authorized sports gambling with some exceptions and made Nevada the only state where a person could wager on the results of a single game.

In a 6-3 decision, the justices struck down a 1992 federal law which dictated that most states can not allow such wagering.

The state's gaming commission says regulatory processes and conversations with casino operators are already in the works, meaning sports betting could be taking place at casinos across MS come fall. Those concerns are rooted in past gambling scandals.

Hatch said he would introduce his legislation in the coming weeks after speaking to his colleagues and those involved in the gambling business and sports associations.

More than 20 states, including IL have introduced legislation to be the next state to open a sports-book at casinos.

"We don't want people under the impression that sports betting is allowed now", Nunn said. The four major sports leagues successfully challenged the state law as a violation of the federal one.

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