by: Wayne Duggan, Benzinga Staff Writer
The U.S. gambling market got some big news Monday when the Supreme Court overturned a ban on sports betting outside of Nevada. The decision opens the door for legalized NFL gambling this season in seven states with regulatory legislation already in place, and more states sure to follow suit.
Congress Slow To Act
Sen. Orrin Hatch (R-UT) is reportedly working on a bill that would implement federal regulations on sports betting rather than leave each state to determine its own set of rules. However, Height Capital Markets analyst Stefanie Miller says it’s unlikely Hatch’s legislation gets passed anytime soon.
“This year, we expect the appetite across enough members in both chambers of Congress to address the issue is extremely low ahead of an election,” Milles wrote on Tuesday.
Miller said sports gambling isn't a high-priority issue, and gaming regulations have historically been a state-by-state responsibility. She said there may eventually be federal legislation, but it will likely be a long, drawn-out process.
“We do expect members will introduce legislation, however, as policymakers often will introduce bills that never become law either for political reasons or to build what is often a multi-year approach to advancing policies that requires many misses before legislation ever gets a hit,” she said.
Coming To A State Near You
In the meantime, Miller said the states of Nevada, Delaware, New Jersey, New York, Pennsylvania, Mississippi and West Virginia will all likely to have some form of sports betting operation up and running by the time the 2018 NFL season starts in August.
In addition, Miller said the states of Rhode Island, Illinois, Louisiana and Missouri are likely to have some form of sports betting available by the end of 2018.
The states of California, Connecticut, Iowa and Oklahoma have also expressed interest in sports betting, but Miller said they are unlikely to get legislation passed this year.
© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.