Nevada was the first state to regulate sports wagering in 1949. Since what seems like forever they remained the only legal option for betting on games. Sports wagering has always had a public image of being seedy. Reserved only for those who had organized crime ties or for those willing to fringe on the line of an illegal market.
Does this taboo fringe public perception hinder a product, or in this case, a market from flourishing? In the case of sports betting the answer is simply no. In an article written by NBC https://www.nbcnews.com/news/us-news/think-sports-gambling-isnt-big-money-wanna-bet-flna6C10634316 we get a glimpse on just how much money is wagered on all different sports every single year. Let’s just say the numbers are staggering as they are in the billions.
When looking at the numbers, we learn that by far the majority of the money being wagered has been illegally. Either through illegal bookmakers or on unregulated off shore websites. Eventually these numbers could no longer be ignored and we subsequently in recent years have seen a more accepting stance on sports wagering.
May 14, 2018 the US Supreme Court ruled that the Professional and Amateur Sports Protection Act (which banned sports wagering) actually violated the tenth amendment. What does this mean for the booming billion dollar industry? Marc Edelman a senior contributor for Forbes gives us a great rundown in all the new legislation in his article Explaining The Supreme Court’s Recent Sports Betting Decision. https://www.forbes.com/sites/marcedelman/2018/05/16/explaining-the-supreme-courts-recent-sports-betting-decision/#2ff7ad30537c
So can you sports bet nation wide? The answer is no! The Supreme Courts decision simply allowed states to make their own decision on the matter. Nevada has been an example of a thriving regulated sports market and we are seeing many other states follow their lead.
As a long time sports bettor, I am fascinated on how this market will be covered in media, and it’s acceptance in society. We have recently seen many more sports journalist work the point spread into their pregame analysis, or mention the over under (a type of bet) of a game.
A great example of this incorporation of gambling into sports media is in ESPN’s flagship program Sports Center where the days sports action is recapped. Host Scott Van Pelt features a segment titled Bad Beats were he highlights the most brutal point spread outcomes of the week. https://www.youtube.com/watch?v=KMEIw1-NxyE
There are countless other mainstay media corporations who are actively covering sports wagering. It seems everyone wants a piece of the pie. The bottom line is sports wagering is here to stay and I can’t wait to see how it will continuously be covered in the media and you can rest assure I will be right here to report on it.
Francisco Healy
