Not sure if you noticed that the state of New Jersey made arguments yesterday in front of the Supreme Court to try to get sports betting legalized in the state.
And the big news is that their odds are pretty good for a favorable verdict -- one that would then quite probably open the door to sports betting on a state-by-state basis.
Just a little insight into legalized gambling on sports: After years of opposing this, pro sports leagues are now coming out in favor of it. NBA Commissioner Adam Silver has been the most outspoken advocate for legalization:
But I believe that sports betting should be brought out of the underground and into the sunlight where it can be appropriately monitored and regulated.
I think, though, what Silver is really saying is this:
We want to legalize sports betting so we can get our hands on a piece of what could be hundreds of millions of dollars for our league.
I'm told the league -- all of the pro leagues, in fact -- envision betting windows or lounges right there on the concourses of their arenas/stadiums. That would theoretically do two things for pro sports -- bring more people out of their homes and to games, where they can easily and legally make sports bets. And, of course, taking a big slice of the revenue from the action would be the biggest bonanza. The leagues would become bookies and have what could be a new billion-dollar revenue stream.
We are talking HUGE money here, too. Silver himself estimated illegal wagering as a $400 billion business. A whole lot of states would love to make that a part of their revenue streams, too.
A verdict is expected in June. I would expect the stampede for other states to ratify legalized sports betting would follow shortly after that.