What Will Happen to Sports Betting in 2019?
The federal standards that could be in store for legalized sports betting
The U.S. Supreme Court decision to strike down a federal law banning sports betting in 2018 changed the landscape of the sports gaming industry. The Professional and Amateur Sports Protection Act (PASPA) that was in place from 1992 – 2018 prevented sports betting in the United States with the exception of a few states that already allowed sports lotteries. On May 14, 2018, the Supreme Court overturned the law opening the doors, or rather, the floodgates for states that want to allow legalized sports gambling. So, what does 2019 have in store?
Since the landmark decision, a number of states including New Jersey, Delaware, New Mexico, Rhode Island, West Virginia, and Pennsylvania have opened sportsbooks operations hoping to be some of the first states to cash in on what is estimated to be a $10 billion industry over the next several years. At least seven other states are likely to legalize sports gambling in the coming year and even more, are lining up with legislation to jump in on the action. The lucrative industry is even attracting companies located in Australia and the U.K. that are setting up business in the U.S. to take advantage of the new money that is flowing in the sports betting arena.
2019 will bring the spotlight onto legalized sports gambling on both the state and federal level.
On the state level, all eyes are on New York. Governor Andrew Cuomo is expected to include sports betting in the 2019 New York state budget. There is also pending legislation that would place certain restrictions on royalties that gaming operators pay to professional sports leagues for the use of their intellectual property that used for sports betting. The league would be required to file a claim with a regulatory commission to demonstrate that the royalty funds would be used for integrity training programs and monitoring initiatives. The legislation is being closely watched by other states that could use it as the standard for their own regulations.
There are efforts also underway on the federal level to create uniform standards for legalized sports betting. Senate Minority Leader Chuck Schumer of New York and newly retired Senator Orrin Hatch of Utah introduced the Sports Wagering Market Integrity Act to regulate sports betting in several ways. The legislation would create a national sports betting clearinghouse and require sports wagering operators to determine the outcome of wagers through 2024 with the use of data provided by sports organizations. With higher-priority issues facing Congress like the early-2019 government shutdown and health care bills, movement on the sports gambling legislation will likely be slow.
Other sports betting topics to watch for in 2019:
- The sports betting influence on live sporting events, as in, you will likely see more of them.
- The possibility of credit cards being allowed for sports betting in some locations.
- State-run lotteries running the sports betting industry in some states.
- Player compensation, state-mandated royalties and lucrative financial deals between casinos and sports leagues.
- More legislators introducing bills to regulate sports betting on the state and federal level.
While the government figures out how to regulate sports gambling, you can get in on the action now with skill-based sports wagering on the PostitPlayit platform. Pick your teams and your challenges, set your odds and enjoy the app that has revolutionized peer-to-peer competition.