Atlantic City is dreaming of vast new riches that might come its way if the U.S. Supreme Court legalizes sports betting here and across the nation, but some analysts say the state might do well to curb its enthusiasm a bit.
While acknowledging that any new money would be a help, these analysts caution cite the level of business that sports betting generates in Nevada, the only state where single-game wagering is currently legal. Even with most of the country to itself in terms of the sports betting market, Nevada gets only a minuscule portion of overall state gambling revenue from such bets.
The Supreme Court will decide by June whether to overturn a federal law banning sports betting in all but four states that met a 1991 deadline to approve it: Delaware, Montana, Nevada and Oregon.
In a recent research report, Moody’s Investors Service noted that “to date, legal sports winnings have been fairly slim.”
In Nevada, sports betting accounts for just 2 percent of statewide gambling revenue. Over the past 12 months, casinos won $215.3 million on sports bets, for a win percentage of 4.8 percent.
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