Sports Betting
While casino sports betting is only a small portion of total gaming revenues, it is an exciting and growing industry in some states. In November, the Hollywood Casino at Penn National Race Course booked its first legal sports bets in Pennsylvania. The move came about after Gov. Tom Wolf signed a bill legalizing casino sports betting in October 2017. The legislation also included online poker and daily fantasy games. The state’s Supreme Court upheld the legislation in May 2018.
The US Supreme Court overturned the Professional and Amateur Sports Protection Act in May 2018, allowing sports betting in some states. The New Jersey Legislature approved the expansion of sports wagering last fall. In New Jersey, a tribal casino operator opened a sportsbook at the Hard Rock Hotel and Casino. The state is the first to legalize casino sports betting. In Nevada, a federal judge overturned the law in October, but the Nevada legislature passed a similar law in June.
Nevada casinos and sportsbook operators have joined forces with professional sports leagues. The NBA is the first professional league to partner with a casino operator, and MGM Resorts International signed a three-year, $25 million deal with the NBA. The Pennsylvania Lottery Commission approved the bill, and Caesars Entertainment has a separate deal with the Philadelphia 76ers. While it is unclear whether or not these new partnerships will be profitable, the legislation does offer a clear path for future expansion of the casino industry.
Legalizing Sports Betting
The Professional and Amateur Sports Protection Act is no longer in place. In May, the US Supreme Court ruled that casino sports betting can continue in regulated states. This decision has helped the industry develop a thriving and lucrative industry. While betting on college sports is still illegal in Connecticut, a casino is now a legal venue for these wagers. In addition, Connecticut is the fifth state to legalize casino sports betting. In addition to MGM, two casinos owned by Penn National are opening retail sports betting.
Despite the legal hurdles, casino sports betting is gaining momentum in many states. In North Dakota, the state’s sports-betting bill is a major step toward legalizing gambling in the state. The bill will allow in-stadium sportsbooks and mobile wagering on the first day of the 2021 NFL season. It is expected to be legal throughout the country by the end of the year. In the meantime, the state is preparing for the legalization of casino sports betting.
The US Supreme Court overturned the Professional and Amateur Sports Protection Act and repealed its protections. While gambling on college sports is illegal in Connecticut, online sports betting will soon be legal in the state. And if the Supreme Court decides to overturn the PASPA, casino sports betting will grow rapidly. This will allow casinos to monetize the revenue from the gambling industry and help promote their business. The US Supreme Court’s ruling will also allow casino sports to be legal in the state of Connecticut.