With the loosening of gambling laws, the US is going to experience a boom in sports betting and online casino revenue. It has been fighting regulators and gaming companies that have been going on for the last century but finally, it looks like it may become legal across many states. There is a long way to go before it becomes legalized across the whole of America but with 4 states given permission to allow gambling activities by the supreme court, it has open the floodgates for others to join.
A federal law has been in place that prohibits gambling across most part of the US apart from Nevada. That has recently changed thanks to the supreme justice courts who rules in favor of allowing states to implement their own gambling laws.
The changes to gambling laws are largely down to New Jersey who was able to successfully repeal the gambling ban. Other states have followed which include Pennsylvania, Delaware, New York, West Virginia, and Mississippi. So by the end of 2018, we could see a casino in Pennsylvania along with race tracks in Delaware and a whole host of other gambling establishments set up shop in states that have managed to overturn the ban.
U.S. companies involved in the gambling industry have seen their share prices shot up since the Supreme Court ruling. Scientific Games who produce slots machines and online sports betting saw one of the biggest rises by jumping over 14%. Caesars Entertainment the biggest casino operator in the USA share jumped by over 9% on the news.
One of the best-known casino operators MGM Resorts share rose by 3.5%. The company announced that as well as expending their Las Vegas operations they will be expanding nationally. They plan to greatly increase their land-based and online casinos along with expanding their sports betting.
The biggest winners were betting companies based internationally who have a dominant position in the gambling market worldwide. William Hill the UK’s biggest online and bookmaker saw their prices of shares rise 11% and Stars Group who operator the worlds largest Poker site gaining a huge 14.3%.
It is hoped that the new state laws will help solve the major problem of gamblers from the U.S. placing bets illegally. It is estimated that $150 billion each year is wagered illegally due to gambling law restrictions.
The battle for making gambling legal is far from over as all the major sports league in the U.S. are trying to make sure it stays banned. Baseball and the NFL are extremely worried about the consequences it could have including match-fixing and addiction problems.
Now that the wheels are in motion it is going to be very difficult to stop states from allowing gambling and it is expected within the next decade that all state will allow some form of gambling to take place. With the instant access to online casinos and sports betting it is far better to have a regulatory body in charge than allowing so much illegal gambling to take place. Hopefully, the additional money raised through the revenues generated will be put to good use in local communities to help improve standards and not into the pockets of just a few.