The stock prices of a number of major casino groups (including MGM Resorts, Caesars Entertainment and Churchill Downs, among others) have seen major gains over the last 24 hours. The jump comes after the US Supreme Court’s announced that a federal law banning sports betting on individual events would be repealed.
The removal of the 1992 Professional and Amateur Sports Protection Act means that state government are now allowed to determine whether sports betting of this nature is legal in a particular area.
US Supreme Court Ruling Opens New Market
While existing casino giants have seen good growth following the decision, it is also important to note that the ruling has also potentially opened up a new market worth billions of dollars. There is now an opportunity for new sports betting firms around the country to be formed and take advantage of this new business area.
It is due to this fact that some industry analysts have predicted that the Supreme Court’s ruling may have a negative impact on Nevada. The state currently has a monopoly on sports betting, and this new law means new competition from several other states.
States React to US Supreme Court Ruling
Currently, the only states that allow sports betting on individual games are Nevada, Oregon, Montana, and Delaware. Analysts have predicted that 33 US states will move to legalise individual game sports betting over the next five years.
New Jersey, West Virginia, New York and Pennsylvania are expected to be the first states to legalise this form of sports betting. The predicted quick move is based on the fact that these four states already have legislation in place allowing it.
While the ultimate effect of this ruling still remains to be seen, it is not unfair to suggest that many US sports betting fans are rejoicing at the decision. For more on the latest sports betting news around the world, remember to keep visiting Canada’s top online casino site!