You may have heard the news: In a 6-3 vote, the Supreme Court has struck the Professional and Amateur Sports Protection Act.
Translation? States now have the opportunity to decide whether or not its legal to bet on sports. Since the law's inception in 1992, Nevada was the only state given the go-ahead.
New Jersey wanted to change that.
It's been a near six-year battle that today came to a close, with SCOTUS favoring New Jersey, which has its eye on being the second state in the Union to get in on legal sports betting. Delaware, Pennsylvania and Mississippi are among the other states vying to get in line.
What does that mean for the tech community? TechCrunch gives us a hint.
"The implications of this for state tax revenues, and around arguments for making significant changes to the ways college athletes are compensated (or should be compensated), are huge, but clear winners from this ruling are the online betting companies … or any media company that has any sort of exposure to live-streaming sporting events," its report states.
Indeed, this space is now rife for the tech startups' picking. In fact, thought leader Ted Leonsis calls the move a "new frontier for sports data," arguing that it "brings a multi-billion dollar industry out of the shadows and into the sunlight, where its integrity can be guaranteed and consumers can be better protected."
While many questions remain about how SCOTUS' decision here will create specific impact, one thing is clear: It's a really big deal. Keep an eye on this space!
