Sports betting ruling: The good, bad and the ugly for Florida – Orlando Sentinel
Legalized sports betting can become a reality almost everywhere in America — except Utah, a largely Mormon state that banned gambling in its constitution.
The Supreme Court made a landmark ruling earlier this week striking down the 1992 Professional and Amateur Sports Protection Act and opened the door for states to dictate their own courses on sports gambling.
So is society headed for the apocalypse of amateur sports or more financial freedom for participating states? It’s possible both answers could be right but it’s unlikely Florida will be in any rush to add sports betting to the table with longtime opposition from major influencers like Disney.
But in the event Florida legislators decide to tip the scale in favor of sports betting next year, here are some potential good, bad and ugly consequences.
More money, more money, more money. Dallas Mavericks owner Mark Cuban told CNBC the value of top professional sports franchises will double, at least. Although franchises like the Tampa Bay Rays aren’t considered among the upper echelon of franchises, sports betting has the potential to drive more fan participation and engagement — a huge benefit for leagues struggling with ratings and/or attendance.
Aside from sports franchises, the move could allow for more financial opportunities at dog tracks and casinos that have struggled to retain younger audiences.
While the fantasy sports industry could see more competition, it could also see a huge financial spike as well. Draftkings CEO Jason Robins told NPR he saw a potential for a $15-$20 billion in revenue that would open up more “cool experiences and products we can offer to our customers.”
Finally, there is an entire black market of gambling that profits at least $150 billion each year, according to the American Gaming Association. Legalized gambling will dip into