Sports Betting Becomes a Reality; Billions at Stake (Audio)

On this Bloomberg Business of Sports podcast, Scott Soshnick, Eben Novy-Williams and Michael Barr discuss the U.S. Supreme Court's decision to free states to legalize gambling on individual sporting events. The move will unleash what will be a race to attract billions of dollars in wagers and heralds a new era for the major sports leagues. Sports gambling could begin in a matter of weeks in casinos and racetracks in New Jersey, which instigated the legal fight by repealing its gambling ban. The move could also assist media companies and drive fan engagement, resulting in even more revenue for teams and owners. Shares of casino operators and their suppliers jumped on the news. Americans place $150 billion a year in illegal sports bets, according to the casino-backed American Gaming Association. The research firm Eilers & Krejcik Gaming puts the number at $50 billion to $60 billion, not counting bets among friends.

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