For the last two and half decades, anyone who had placed a bet on a baseball game in the United States, the probability is that they were doing the betting illegally. On the other side of the wager can be an urbane offshore operation that originates from the Caribbean or managed by systematized criminal organizations.
While sports betting is the world’s largest economy booster, it is dying slowly. This is because the Professional and Amateur Sports Protection Act of 1992(PASPA) managed to outlaw sports betting across the nation. However, some states are exempted from this burn. The outcome was a blossoming secretive betting industry that cashes in an approximate $150 Billion in illegal income every year. This is as per the report tabled by the American Gaming Association.
Nevertheless, the United States is almost embracing the watershed moment. This is after the Supreme Court is yet to consider whether to revoke Professional and Amateur Sports Protection Act (PASPA) after the prolonged lawsuit submitted by the state of New Jersey. Note that there are clear indications that New Jersey will win the case.
Kip Levin, the CEO of Paddy Power, claims that this is the nearest the United States market has managed to open up. He adds that the sports league and the casino industry will follow and therefore, all the winds in the betting industry are moving in the promising direction.
The betting fanatics are expecting a decision to be made any time between now and the end of next month (June) and this will open up a huge business opportunity for the individuals who are fast to seize it. Since the prize on the offer seems to be great, every bookmaker in British is already struggling to get a slot. These people have vast experience since Europe has a more liberal approach to sports betting and speaking a common language strives to reduce the entry barriers.
For instance, William Hill prides itself in being one of the dominant operators in the betting industry. It already has a large operation in Nevada where sports gambling is legal and they run more than 50% of the casino sportsbooks in the state. Additionally, it has a betting platform that is set to start its operation in New Jersey and the firm has collaborated with Monmouth Park racecourse. The betting company is currently negotiating with potential investors in many states and they believe that the United States can become the most lucrative territory.
Darin Oliver, a gambling consultant and ex-deputy director of the Alderney Gambling Control commission points out that there is no firm that will profit more than William Hill in that market. He adds that the amalgamated legal architecture of the United States means a revoke of the PASPA will not result to a countrywide sports betting instantly. This is because the nation must pass legislation and that will never take place immediately. Oliver knows that the US market has greater potential for sports betting and that is the reason why Parvus, the largest investor in William Hill has been contributory in scuttling two mergers.