Sport Sports betting ruling has ripples for US tribes with casinos

18:36  16 may  2018
18:36  16 may  2018 Source:   ap.org

Casino stocks jump after sports wagering ban overturned

  Casino stocks jump after sports wagering ban overturned Shares of casino companies soared after the U.S. Supreme Court struck down a federal law that bars gambling on individual sporting events, opening up a new source of revenue for the industry. Scientific Games Corp., Boyd Gaming Corp., MGM Resorts International and Caesars Entertainment Corp. all rose in the wake of the decision. Other companies, such as online gaming giant Stars Group Inc. and International Speedway Corp., also climbed.The rally follows a decision that found a 1992 law unconstitutionally forced states to maintain rules that outlaw gambling. Nevada is the only state where single-game wagering is now legal.

Where do tribes come down on sports betting ? The commercial and tribal government segments of the US casino industry are anticipating the high court’s decision. The matter will likely be argued this fall and ruled on next year.

With mobile sports betting , horse racing rules differ from country to country. We take a look at a few important international horse racing rules . OUR CASINOS .

A man walks through the lobby of the Navajo Nation's Twin Arrows Casino, east of Flagstaff, Ariz., Tuesday, May 15, 2018. American Indian tribes are welcoming the opportunity to add sports betting to potentially hundreds of casinos across the country after the U.S. Supreme Court cleared the way for states to legalize it. (AP Photo/Felicia Fonseca)© The Associated Press A man walks through the lobby of the Navajo Nation's Twin Arrows Casino, east of Flagstaff, Ariz., Tuesday, May 15, 2018. American Indian tribes are welcoming the opportunity to add sports betting to potentially hundreds of casinos across the country after the U.S. Supreme Court cleared the way for states to legalize it. (AP Photo/Felicia Fonseca)

FLAGSTAFF, Ariz. — American Indian tribes are welcoming an opportunity to offer sports betting in potentially hundreds of casinos across the country after the U.S. Supreme Court cleared the way for states to legalize it.

Tribal casinos generate more than $31 billion a year in gross revenue. While adding sports books isn't expected to boost that number significantly, tribes say it's another source to deliver services to tribal members.

What court's ruling on sports betting means for gamblers

  What court's ruling on sports betting means for gamblers With states such as New Jersey potentially open to take bets in time for the NBA Finals at the end of the month, here is what the ruling could mean.  Removing 'shadiness' and stigmaSports gambling has always existed. According to the American Gaming Association, at least $150 billion a year is wagered on sports, 97% of which is bet illegally through such outlets as bookies, off-shore websites and other establishments  — known as sports books — that take bets on events and pay out winnings.

2 Tribes , states and sports betting . 3 Not so fast on sports wagering. 4 A federal solution on sports betting ? A ruling is anticipated next year. Adding tribes to the sports betting discussion. Tribes and commercial casino companies each operate about half of the 1,000 US casinos .

Tribes also are cautious that legal sports betting by commercial casinos , pari-mutuel racetracks, lotteries and cardrooms will cut into casino revenues used to fund government services for indigenous citizens. William Hill CEO: Bookmaker Has Already Spent Millions Preparing For US Sports Betting .

"The conversation is always, 'Why don't you do like Vegas?'" said Sheila Morago, executive director of the Oklahoma Indian Gaming Association. "Everybody always wants to give their customers things they have asked for."

Many tribes give a share of casino profits to states in exchange for exclusive rights to conduct gambling operations. In Arizona, the state's share was about $100 million last year.

Some tribes believe agreements with states already give them the right to control sports betting, while others will work out the details through negotiations in compacts that vary in wording state by state.

"It's going to be important for the tribes that their position as sovereigns and their existing compacts within their states are recognized," said Valerie Spicer, a co-founder of the consulting firm Trilogy Group. "There's still a lot of work left to do."

With sports betting legalized, who will hit the jackpot?

  With sports betting legalized, who will hit the jackpot? But just how big that bounty will be remains to be seen, with regulations and taxes still to be ironed outJefferies analyst David Katz is hedging his bets when it comes to forecasting its impact, though he views the ruling as a positive for casino operators. In a recent note to clients, Katz estimated the sports betting market at $1.2 billion to $57 billion and the potential revenue at between $62 million to $2.9 billion for casinos. His wide range of estimates is by design.

1 California sets stage for tribes , sports betting . 2 Some tribes are pushing back on sports betting . 3 A trend among tribes nationwide. There is already a state constitutional amendment giving tribes casino exclusivity. “I am pleased to see the US Supreme Court has shouldered the burden of

The baseline for tribes and sports betting . Many compacts grant tribes statewide or regional exclusivity to operate casinos , which generate revenue to fund services to their citizens. William Hill CEO: Bookmaker Has Already Spent Millions Preparing For US Sports Betting .

Nearly 240 tribes operate casinos in more than half of U.S. states under the federal Indian Gaming Regulatory Act or as commercial ventures. Some only have games like bingo or pull tabs that don't need authorization from states. The majority of the roughly 475 tribal casinos have those games and others like slot machines, blackjack and other table games, according to the National Indian Gaming Commission. Sports wagering would fall in the latter category, the commission said.

The U.S. Supreme Court on Monday struck down the Professional and Amateur Sports Protection Act on a challenge from New Jersey. The law limited sports betting to four states that met a 1991 deadline to legalize it: Nevada, Delaware, Montana and Oregon.

States now can adopt laws regulating sports betting, though some already have the legal framework in place.

In California, voters would have to approve a change to the state constitution. As is, California tribes have exclusivity in casino-style gambling, and some believe that includes sports betting.

Legal sports betting coming soon to several US states

  Legal sports betting coming soon to several US states A decision by the Supreme Court means American sports fans will soon have many more places to place legal bets on the results of football, baseball, basketball, hockey and other games. Five states have the edge in the race to legalize sports betting because they've already passed laws contingent on the Supreme Court striking down the 1992 federal ban on such gambling, which the court did on Monday. And Delaware could move quickly to expand the limited legal gambling it has already. Several other states are likely to follow them in the coming months or years as they seek to capitalize on the economic growth and tax revenue that legal gambling can bring.

A ruling by the U . S . Supreme Court on Monday has paved the way for the legalisation of sports betting countrywide in the United States , say several legal experts. US .3 million. First-quarter net income reported by South Korean casino operator Grand Korea Leisure.

Sports betting sure looks like “gambling expansion” under that definition, so if Amendment 3 passes — and polls Native American tribes , many of whom have compacts guaranteeing them some sort of exclusivity, have seen this ruling coming. That’s because so many tribal casinos are just too small.

Steve Stallings, the chairman of the California Indian Gaming Commission, said the group that represents 34 tribes wants specifics on what sports betting would encompass before the state moves to legalize it. For example, he said, would it occur at a physical sports book or could wagers be placed online?

"Expansion of gaming is a slippery slope," he said. "Tribes feel like they have somewhat an exclusivity to it. When the state or other interests violate that, then tribes are concerned."

In Arizona, Gov. Doug Ducey saw the U.S. Supreme Court's decision as a way to modernize tribal gambling compacts and potentially boost revenue to the state. Most of the tribal compacts are up for renewal in 2022.

Greg Jones was visiting a casino run by the Navajo Nation east of Flagstaff this week. He said he used to bet regularly on college football and being able to do it at a tribal casino less than an hour from his home beats traveling to Nevada.

"It's a big pot," he said. "Everyone should be able to dip their foot in the pool."

Tribes in Oklahoma have been trying to get sports betting approved through the state legislature in the last two sessions but have been unsuccessful, Morago said.

In Connecticut, the Mohegan Tribe said it's looking forward to working with the state to legalize and regulate sports betting.

"We have long felt that Mohegan Gaming & Entertainment was in a great position to offer this type of gaming at our properties," spokeswoman Jennifer Harris Ballester wrote in a statement.

Ernie Stevens Jr., chairman of the National Indian Gaming Association, said the group has been preparing tribal governments for sports betting with listening sessions outlining internal regulations and negotiations of state gambling compacts. Location and competition would be major factors in tribes' decisions to add sports betting, he said.

"I don't believe this is going to take the place of our slot machines, but it's another amenity we can enjoy and people can have fun with," he said. "And we want to be able to move forward with the overall industry."

PGA Tour voices support of legal sports betting in wake of Court ruling .
PGA Tour re-asserts support for legal wagering in wake of Supreme Court ruling.PGA Commissioner Jay Moynahan had voiced his support for legal wagering on Tour events prior to the Court's ruling.

Source: http://us.pressfrom.com/news/sports/-145406-sports-betting-ruling-has-ripples-for-us-tribes-with-casinos/

—   Share news in the SOC. Networks

Topical videos:

This is interesting!