Earlier this month, the U.S. Supreme Court took arguments in a case that will determine whether New Jersey will be allowed to offer betting on professional and college sports. One study has predicted that a chain reaction of sports betting legislation will take effect if the Supreme Court rules in New Jersey’s favor. The study, which tracks state-by-state gambling legislation, predicts that over 30 states will offer sports gambling within the next five years, including Illinois and Indiana.
The legalization of sports gambling movement has made recent pushes over the last few years with sites such as Draftkings, FanDuel, and other fantasy sports sites coming on to the scene. The commissioner of the NBA, Adam Silver, also has strongly endorsed the legalization of sports betting, and the MLB has invested in fantasy sports sites. On the other hand, the NFL has taken a stance against sports betting, and the NHL remains quiet on the issue. Of Course, it is somewhat noteworthy that the NHL recently located a new team in Las Vegas and the NFL’s Oakland Raiders will be soon to follow.
It is estimated that illegal sports betting is a flush, $150 billion per year enterprise. Leaving politics aside, it seems that Illinois would be scrambling to get into the sports gambling arena to help its budget crisis. Only time will tell.