Good news for gamblers.
After years of being outlawed, it looks like Atlantic City’s casinos are finally able to add sports betting to their gambling rosters. It was announced today that the U.S. Supreme Court has ruled that the federal ban on sports betting is unconstitutional, which means the days of having to go to some shady bookie to place bets are likely over with.
Revenue, as a result of this decision, looks to be significant. “Some states will ultimately decline to authorize regulated sports betting. But enough will move in the next five years that regulated sports betting in the U.S. will be worth more than $5 billion in revenue annually by 2023," says Chris Grove, lead analyst at PlayUSA.com.
For Atlantic City, folks can expect most (if not all) casinos to fully embrace this decision, meaning events like the Super Bowl and March Madness will become major sources of revenue for the city.
New Jersey Gov. Phil Murphy expressed his satisfaction with the ruling, saying, "I am thrilled to see the Supreme Court finally side with New Jersey and strike down the arbitrary ban on sports betting imposed by Congress decades ago. New Jersey has long been the lead advocate in fighting this inherently unequal law, and today’s ruling will finally allow for authorized facilities in New Jersey to take the same bets that are legal in other states in our country."
This is a developing story.