Investors now have a new market to play with their capital. On May 14th, 2018 the Supreme court of U.S dismissed the rules prohibiting betting on sports. The federal law made 26 years ago in 1992, which restricted betting in any form, no longer exists.
A 6-3 majority passed the legislation by justices in the Supreme Court. It now means each state is free to decide whether to declare gambling and to bet legal or not.
The decision came as the New Jersey approached the court, and the result of this ruling can be very well seen in the stock market too.
It means that you could use your Sugarhouse casino promotional bonus 2018 to not just play some of the coolest casino games but also bet on your favorite sports. You can bet on any sport, whether it be football, baseball or hockey, and win big each time you make the right prediction.
The verdict was welcomed by investors all over the country.
Share prices of Gaming and betting companies showed a record high increase.
Legal betting is allowed only in a few states like Nevada. The judgment opens a door for many other states which look forward to providing a new business to their people. New York and Pennsylvania are also walking down the same road. This will also help to cap down the illegal betting business which worths billions more than the legal market.
Many sports betting companies and bookmakers benefited as the stock markets went up but one company Scientific Games had the most. They bought a portion of two other gaming companies namely Canadian digital gaming and NYX gaming LTD, a few months back which gave them a more secure place as compared to new underprepared companies.
Who Are Going to be the Top Beneficiaries?
Casino operators who already have a chain of centres are the best candidates to try a hand in the sibling business of sports betting. This is going to bring back the lights and glamour to the casinos of Jersey's Atlantic coast. With more tourist influx not only the Casino owners but many other businesses are going to flourish simultaneously.
The football world cup a few days away, the shift from the underground betting markets towards the legal ones is expected to be seen. The development means that you can bet on your favorite sports, and your favorite world cup matches as much as you want.
The tax revenue generated will help strengthen the State's financial situation.
When Will the Law be Enacted?
The licensing process is yet to be completed and standard rules about the percentage of profit of the bookmaker will be decided.
Betting is only legalized with the licensed bookmakers and casinos, betting on internet and n apps is still a thing of future.
Few experts have shown their concern about increasing incidents of fixing in sports with legalized betting. But many countries already have legalized betting and conduct some major football champions without anyone doubting their credibility.