Breakingviews: Get ready to gamble – on U.S. sports betting [Reuters]
Scientific Games Corp (SGMS)
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Source: Reuters
Breakingviews - Get ready to gamble – on U.S. sports betting | Reuters 3 Min Read NEW YORK/LONDON (Reuters Breakingviews) - Get ready to gamble: U.S. sports betting is going legit. The Supreme Court on Monday ruled that the feds can’t stop states legalizing wagers on basketball and other games, ending a 1992 ban. It will push a black market into the light and give gaming firms, sports leagues and media outlets like ESPN a grab at a big revenue pot. The American Gaming Association estimates that more than $150 billion of sports wagers were made illegally in 2016. Figure 6 percent of the headline number ends up in the top line of gaming companies, according to research firm Eilers & Krejcik Gaming, and that alone means some $10 billion in newly legal corporate revenue. It could ramp up quickly, too. Only a handful of states, including Nevada – home to gambling mecca Las Vegas – and Oregon, were previously permitted to host sports betting, having started before the federal ban was enacte
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