DraftKings CEO: 'Huge Potential Market' After SCOTUS Ruling on Sports Betting

Erika Holt
May 15, 2018

That could create an entirely new advertising category that radio managers might want to keep their eyes on.

Mike Patel, owner of Mike's Food Mart in Dover, said he's concerned about the Supreme Court's ruling because he believes it could cost him customers who may go to other states that legalized sports betting in anticipation of Monday's ruling.

According to the decision written by Justice Samuel Alito, Congress can pass legislation allowing the federal government to "regulate sports gambling directly" if it chooses to do so.

All bets are on that sports wagering - on both professional and college teams - will be coming to NY soon following a landmark ruling Monday by the U.S. Supreme Court.

Sports gambling proponents argued that the leagues already do that work and that legal sports betting will make enforcement easier than it is now, when most bets in the us are made illegally.

"There is so much illegal sports betting going on, it's insane", she said.

New Jersey and DE are likely to be first to jump into this new market, but other states are also lining up to get in on the action.

Sen. Julian Carroll, D-Frankfort, was quick to say, "I told them so", pointing to a measure he filed last September to allow sports gambling in Kentucky should the court allow it. The illegal sports betting market is worth billions of dollars annually. "I think when you have that financial upside it makes it a lot more exciting".

"I think the more standardize that is, the better", McDonough said.

"There is not an immediate effect of the ruling on Montana".

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William Hill has infrastructure in place in DE as well as New Jersey, but Asher did not give a timeline for starting operations in that state.

Earlier this year, Iowa lawmakers had trouble moving a bill forward that would have legalized sports betting.

Before the ruling, Nevada was the only state where sports betting was permitted.

But the casinos can't start handing out betting tickets just yet.

In Texas, the idea of legalizing sports gambling is a tougher sell.

Just as important, as we see from global jurisdictions and from what we know already goes on in the United States, regulated betting can lead to a dramatic increase in engagement.

"We will see a lot of people come to MS and in particular Tunica that might not have otherwise come and hopefully they will see what they like and we can take advantage of it here", Franklin said.

Cuomo ruled out addressing sports wagering this year because it would be a "very big issue to tackle". United Kingdom bookmaker William Hill, already present in Nevada, has a betting operation ready to go in New Jersey in partnership with Monmouth Park racecourse and is talking to potential partners in several other states.

He had hoped that it could be passed, contingent on the Supreme Court ruling. The research firm Eilers & Krejcik Gaming puts the number at $50bn to $60bn, not counting bets among friends.

Casinos fought for the approval to take sports bets because it's an important way to draw customers into the casinos.

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