Legal gambling on sports events, once allowed for all practical purposes only in Nevada, is spreading in the wake of a 2018 U.S. Supreme Court decision giving states the right to set their own rules for betting on sports. The market for sports betting is lucrative, with estimates of the total amount wagered annually ranging from $150 billion to $400 billion. The lineup of those looking to cash in is long. It includes professional teams and leagues, casinos, online gambling sites and state governments. But there is great uncertainty over how much of this total market will be captured by legal betting. There also is concern that legalization could feed addictive gambling and increase the chances of corruption among athletes, especially college players. And it remains to be seen whether legalized sports betting increases the overall amount of legal gambling in the United States or merely takes market share away from lotteries and casinos.read full report
The first step in successful business research.
Read the Latest Issue
Will it be a bonanza for states and teams?
The Monmouth Park Sports Book in Oceanport, N.J., on New Jersey’s first day of legal sports betting in 2018. The state successfully sued to overturn a federal law effectively limiting such wagering to Nevada. (Dominick Reuter/AFP/Getty Images)