Sports in America changed forever last week, and I am shocked it took this long for it to happen.
The U.S. Supreme Court has declared unconstitutional the law that prohibited most states from legalizing sports gambling, bringing into light a black market estimated to handle at least $150 billion in bets annually. The 6-3 decision ended decades of hypocrisy by leagues that solicited deals with casino owners while purporting to shun the gambling industry.
The odds were in gambling’s favor. This always seemed inevitable, a nod to common sense and the recognition of reality.
Everybody already does it anyway. Now betting can be done above board and potentially creates new revenue streams for cash-strapped state budgets and greed-driven sports franchises. Mississippi is one of six states to have already passed legislation legalizing sports wagering:
“If we do this the right way, the only losers will be the illegal bookies that have been operating a massive black market,” said Joe Asher, CEO of William Hill’s operations in the U.S.
But not necessarily so in Mississippi because sports betting can’t be done here on phones or your favorite bar. Once sports regulations are in place, people will have to go to a casino to place a bet in Mississippi.
All reports indicate sports betting will open to the public at any Mississippi casino that is ready by late summer, if not sooner. And you can bet those in the gaming industry will soon push for Legislators to allow bets to be placed by a phone or tablet once people register at a casino, similar to Nevada regulations.
“I don't see that happening,” said Rep. Richard Bennett, R-Long Beach, who wrote the legislation that legalized sports betting in Mississippi if it became legal in the United States.
I am guessing that won’t be legalized any time soon.
Sure, Mississippi has great opportunities to benefit from legalized sports betting, but who has even more to gain?
Glad you asked. It’s the professional teams that people will be actually waggering on.
Legalizing gambling on sporting events sounds as prosperous as it could be perilous.
This will change the way we talk about sports. Throughout sports history, gambling has been taboo. Pete Rose is a pariah because of the historically uneasy alliance between gambling and Major League Baseball. Coaches avoid mentioning point spreads, and sports journalists learn to leave betting information out of their stories so not to promote illegal activity. No such deterrent exists any longer.
The legalization of wagering increases the value of those franchises significantly.
NBA commissioner Adam Silver has supported legalized betting for almost four years.
Commissioners from MLB and the NBA also have proposed states mandate a 1 percent “integrity fee” for assuming added risk.
Rest assured every league will figure out a way to funnel a small percentage of the profits its way before all is said and done.
nContact Bill Burrus at 581-7237 or bburrus@gwcommonwealth.com. Follow on Twitter:@Bill_Burrus.
