States, casinos, teams, and fans all hope to cash in on legal sports betting. Can they all be winners? Here's everything you need to know:
Where is it legal?
Sixteen states have passed legislation permitting sports betting over the past year, and six have already set up betting operations. Last May, the U.S. Supreme Court struck down a federal law limiting sports gambling to Nevada, ruling that the law unconstitutionally intruded into state decisions. New Jersey led the charge to overturn that 1992 ban, in the hope of reviving its moribund Atlantic City casinos. Since then, there's been some $9 billion in legal action nationwide on professional and college sporting events in Delaware, Mississippi, New Jersey, Pennsylvania, Rhode Island, and West Virginia. In recent months, Arkansas, Illinois, Indiana, Iowa, Maine, Montana, New Hampshire, Tennessee, and Washington, D.C., passed sports betting laws, and dozens more are mulling legalization. Analysts believe the U.S. is still just scratching the surface of what could become a $400 billion industry.