Legal Sports Betting Could Be Worth 1 Trillion Dollars To NBA
One of the most significant developments in the U.S. gambling legalization debate is coming from what technically is not legally defined as gambling. Fantasy sports betting for real money which has exploded in the U.S. due to the fact that it does not fall under the legal restrictions of gambling could well be the biggest story of 2015.
While online gambling in the U.S. is at a standstill with only three states offering some sort of legalized gambling, the focus has been shifted to a much easier and potentially more lucrative way of providing a gambling alternative.
We have focused heavily in the last year on the almost weekly developments in the daily fantasy sport betting market with DraftKings and FanDuel leading the way with hundreds of millions in yearly cash prizes on offer.
The sports betting market is potentially worth up to a trillion dollars according to a report in Breibart Sports. The report cites a source from the NBA who believes that they league may well earn up to four times more from legal sports betting and its offshoots than that of their current television contracts.
As we reported NBA Commissioner Adam Silver wrote an op-ed piece in the New York Times which caused a stir in November as he opened the door to the notion that legalized sports betting was inevitable. This was followed by an appeal to work in conjunction with the like of Gov. Chris Christie from New Jersey which had been on a legal crusade to make sports betting a legal option in the Garden State.
Silver’s comments have gained further support from the likes of his predecessor, David Stern who told CNBC on Wednesday to “bring the sports leagues in.”
Stern like many others believe that professional leagues like the NBA are losing billions to illegal sports betting and the NBA could enjoy these revenues if sports betting was legalized. Stern told CNBC,” If it’s going to happen, because it has happened anyway by Justice Department rulings and the like, you should make it legal and you should regulate it as tightly as you possibly can.”