Sports Betting - Don't Gamble on Licensure!

On May 14, 2018 the Supreme Court struck down a long-standing federal law that outlawed collegiate and professional sports betting in most states, with the exception of Nevada and a minority of other states, which had varying degrees of sports betting grandfathered in at the time of the law’s passage.  The New York Times anticipates that this decision will open the door to legalizing and recapturing over $150 billion in what otherwise would have been illegal revenue. [1] In reaching its final decision, the court’s majority opined that the regulation of this industry should be left to each state, not proscribed by the federal government. 

The decision essentially ushers in a wave of state regulation as legislators scramble to create licensing structures to tax and regulate this sector of the gaming industry.  These licensing initiatives will have a significant impact on access to the market place.  The Washington Post wagers that states such as New Jersey, Mississippi, Delaware, Pennsylvania and West Virginia may take lead in regulating sport betting. [2] These states have already taken significant strides towards legalization of sports betting in anticipation of this decision.    

LicenseLogix is uniquely poised to assist with the downstream effects this ruling will have on licensing.  As regulators scramble to push through authorizing legislation, we are closely tracking both state and local legislative reactions to this decision.  A host of licensing is widely anticipated to quickly emerge in order to safeguard the industry and capture the significant tax revenue it will generate.  USAToday.com reports that a majority of states will wait to consider regulation until their 2019 legislative sessions convene, as most states have already concluded this year’s legislative session. [3]

LicenseLogix helps our clients monitor licensing requirements in a broad array of newly emerging industries such as recreational marijuana, ride sharing, and cryptocurrency transmission.  Our Research Team, which has a depth of knowledge and sophisticated tracking capabilities, is dedicated to oversee these new license requirements as promulgated by the regulators.  Once the applications are released, we have a specialized filing team ready to help our clients usher these applications through the approval process. 

Let LicenseLogix help you navigate through the anticipated license requirements so that you can get your sports betting business up and running. Contact us today for a free quote. 

[1] Supreme Court Ruling Favors Sports Betting

[2] Where Will You Be Able to Bet on Sports First? These Five States are the Most Likely Options

[3] Your State-by-State Guide to Sports Betting in Light of Supreme Court Ruling