Let’s just say this is really big news – The Supreme Court basically cleared the way for states to actually legalize sports betting. This means that the ancient Professional and Amateur Sports Protection Act (PASPA) was effectively killed and is no more. With votes 6-3 PASPA was declared unconstitutional.
The Supreme Court stated that old federal law actually violated constitutional principles, meaning it was limiting the federal government from each state’s policies and also unlawfully causing states to declare sports betting illegal in each state separately. Did that make any sense, no?
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After the ruling was made, stocks started to rally. For example, Caesars Entertainment rallied quickly 6%. There was announcement made by DraftKings, who have been making sports betting plans for a long time now.
Governor of New Jersey Phil Murphy was also celebrating the ruling. It started in 2011, when voters of New Jersey wanted to legalize sports betting and also casinos to help then faltering economy. But the law met lots of resistance by many professional sports leagues and also NCAA, who were standing tall behind the ol’ good (now dead) PASPA.
Allowing sports betting business in to the picture is actually great news for professional sports teams. As Mark Cuban told the CNBC’s “Squawk Alley”: “I am certain that everyone who has a top professional team just basically doubled in value over night,” said Cuban, who is also known being one of the owners of Dallas Mavericks NBA club.
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