MGM CEO Bullish On Sports Betting In Earnings Call, Says Supreme Court ‘Will Likely Legalize’ It This Year

https://www.google.com/amp/s/www.le...8525/mgm-ceo-talks-sports-betting/amp/?espv=1


MGM Resorts International CEO Jim Murren is so high on the prospects of sports betting, he told the company’s investors that he believed that the federal ban would be struck down this year.

What MGM’s CEO said on sports gambling

Murren was speaking during MGM’s Q4 earnings call on Tuesday, and the subject of sports betting came up in his prepared statements.

He was talking about the idea that Las Vegas is quickly becoming a sports town with an NHL franchise already in town (the Golden Knights) and the move of the NFL’s Oakland Raiders to Vegas in the near future. Then, he turned to sports betting:

“If you add to that the fact that the Supreme Court will likely legalize sports betting this year, MGM is really poised to immediately take advantage of that opportunity. Sports as it relates to our performing events here and as it relates to our industry we believe is a significant avenue of growth for MGM Resorts in the future.”

Murren was talking about the US Supreme Court case about the federal single-game ban on sports betting — PASPA — outside of Nevada. The state of New Jersey has been arguing in the federal court system that law is unconstitutional, because it wants to offer sports wagering.

Should the state prevail in the case, it could mean that sports betting could be legalized by other states, beyond just New Jersey.

Reading between the lines

Murren making such a statement could be dismissed as idle chatter about the future of sports wagering.

But given the venue — a call with investors — it’s more likely that Murren and MGM believe the odds are heavily on the side of New Jersey. That lines up with the thoughts of many Supreme Court experts and legal analysts, who believe New Jersey fared well in oral arguments that took place in December.

The fact that the Supreme Court took the NJ sports betting case at all likely increased the odds that PASPA would be overturned.

The impact of sports betting on MGM

MGM already operates in the Nevada sports betting industry. It also owns Borgata in Atlantic City, giving it a route to offer sports wagering in NJ. Plans are already underway there.

MGM also owns casinos in a number of states that could move forward on the sports betting front

Simply put, MGM will be on the leading edge of any potential rollout of sports betting in the US.

How can we profit off this future inevitability?

MGM and William Hill will be the the big boys. Does MGM have the app yet though?

The Falls said:

How can we profit off this future inevitability?

Click to expand...

You need to see which casinos have properties in other States, States that are looking to pass Gambling.

RenoChazz said:

MGM and William Hill will be the the big boys. Does MGM have the app yet though?

Click to expand...

Yes they do

Betallsports said:

You need to see which casinos have properties in other States, States that are looking to pass Gambling.

Click to expand...

Could be on to something...but if it initially turns out to be that parlay BS, it won't pay off for a while.

CZR could be a decent play with Shreveport (Horseshoe) and NOLA (Harrah's) being close to Texas and being a destination spot.

The Falls said:

Could be on to something...but if it initially turns out to be that parlay BS, it won't pay off for a while.

CZR could be a decent play with Shreveport (Horseshoe) and NOLA (Harrah's) being close to Texas and being a destination spot.

Click to expand...

MGM has quietly built a few very nice resorts . maryland in 2016, Mass should be ready this year
they bought back the Borgata & water Club in AC, and also plan on building a MGM Grand in AC as well

Can't remember what it was exactly, but Vegas was expecting legalization as a couple of years ago they passed something which would allow them to offer services out of state.

There's a thread here somewhere about it...

Hache Man said:

Can't remember what it was exactly, but Vegas was expecting legalization as a couple of years ago they passed something which would allow them to offer services out of state.

There's a thread here somewhere about it...

Click to expand...

Was this it?
[h=1]Sports wagering evolving locally, across the nation[/h]

[FONT=&quot]LAS VEGAS SUN​

​

[FONT=&quot]Bettors stand in line to make wagers during the NCAA basketball tournament. A new law allows business entities to bet on sports, as well.[/FONT]
[/FONT]
[FONT=&quot]By J.D. Morris[/FONT]
[FONT=&quot]Monday, July 13, 2015 | 2 a.m.[/FONT]
Change is coming to Nevada sports books.
At the state level, lawmakers recently approved a bill that allows groups of people to place wagers as a single entity.
Meanwhile, the industry is preparing for an even bigger transformation at the national level: the spread of legal sports betting throughout the country.



In Nevada
Senate Bill 443, passed by the Legislature this spring and signed by Gov. Brian Sandoval in June, permits business entities to place wagers at sports books. The idea is business partners can come together and marshal their resources to place bets for the benefit of the group.
The bill requires business entities to provide sports books with personal information for everyone who could profit, including proof that each bettor is at least 21 years old. Business entities also must submit formation documents, keep records of wagers and maintain a Nevada bank account — meaning groups of friends or family members can’t claim to be a “business entity” and place group bets.
CG Technology, which runs eight sports books in the Las Vegas area, pushed for the measure to expand business options for sports books. Company Vice President and Deputy General Counsel Quinton Singleton called it an “untapped opportunity” for the sports-betting industry and compared it to the stock market. Singleton said he expects interest in such wagering to be significant, though he said he couldn’t predict how widely it would catch on.
Other sports book operators also said they’re still figuring out how big of a deal entity wagering will become.
“Right now, we’re looking to see how it evolves, but we’re taking a wait-and-see approach,” said Joe Asher, CEO of William Hill US, which runs more than 100 sports-betting spots in Nevada.
Jay Kornegay, vice president of race and sports operations at the Westgate Las Vegas Superbook, is taking a similar approach. He wondered whether sports books would extend high betting limits to business entities — and was inclined to think they shouldn’t.
“We’ll see what the rules are, what the parameters are, and we’ll go from there,” Kornegay said.
Asher and Kornegay will get more clarity once state gaming regulators start receiving public input on the regulations. Gaming Control Board Chairman A.G. Burnett said the process is moving forward.
State lawmakers also decided this session to let Nevada sports books run operations in other jurisdictions.



Nationally
Someday, Nevada might not be the only state with a full-fledged sports betting industry. The question is: How quickly will that day arrive?
Under current federal law, Nevada is the only state with full-fledged sports books. Sports betting exists in a handful of other states on a limited basis.
New Jersey wants to change that, and if a federal appeals court allows the state to have sports-betting operations in racetracks and casinos, other states likely will try to follow suit. Even if the court denies New Jersey’s effort, sports betting likely will continue to expand — just at a slower pace, said attorney Daniel Wallach, an expert in sports law.
“I’ve always maintained that the New Jersey decision is critical because it will indicate a long way toward determining when we have legal sports betting throughout the United States,” Wallach said.
A decision in the New Jersey case is expected anytime but hadn’t been made as of press time.
Asher isn’t concerned about losing business if sports betting gets off the ground outside Nevada. In fact, his company has a deal with Monmouth Park Racetrack to operate sports betting if the industry is legalized in New Jersey.
Kornegay also was bullish about the possibility of sports betting growing beyond Nevada. He said he didn’t think other states would be able to offer the same experience as Las Vegas, giving people plenty of reasons to continue visiting. He also said residents of other states already bet on sports — illegally — and he expects sports betting to become legal throughout the country.

That could be it Madman...

re-opened thread

https://www.google.com/amp/s/www.nj...ting-final-weeks-christie-vs-ncaa/amp/?espv=1


NJ Sports Betting Case Closing In On Final Weeks Before Supreme Court Decides Its Fate



The long-awaited decision from the US Supreme Court on the New Jersey sports betting case — and possibly the direction for wagering around the US — is on the way.

After several years of hearings, litigation, and deliberation regarding the legality of the federal sports wagering ban, we could be just weeks or months away from a verdict that allows single-game betting beyond Nevada. The Supreme Court issued some decisions on Wednesday, but the NJ sports betting case — Christie vs. NCAA — was not among them.

The ruling on New Jersey’s case to legalize sports betting could be the weathervane that indicates the future of the activity in this country. And that ruling could come down as early as next month, or perhaps even sooner.

When will a ruling be made in NJ sports betting case?

Oral arguments in New Jersey’s case to legalize sports betting were held in December of last year, and the Supreme Court is still mulling over the case. Yet several pundits told ESPN in early February that a decision on New Jersey’s case could be made by March.


No matter what, a decision is definitely expected before the Supreme Court’s summer recess in July. Pinpointing an exact date is difficult as the court does not provide advance notice for the release of case rulings.

The likely timeframe for a ruling is within the first few weeks of March or early or late April. It is possible, though, that a decision is not announced until May or June.


What does the ruling mean for the future of sports betting?

One way or another, five of the nine Supreme Court justices must agree on the core decision of the case.

The case pits the state of New Jersey vs. the NCAA, NFL, and other professional leagues. It’s focused on the Professional and Amateur Sports Protection Act (PASPA), which is the federal ban on state-sponsored sports betting outside of Nevada. The act prohibits legal sports betting in most states.

If the Supreme Court rules in New Jersey’s favor, the state’s racetracks and casinos (and the NJ online gambling sites) would be able to begin offering sports betting while potentially setting the standard for the future of sports wagering in other states.

When oral arguments were heard in December, 20 states signed on in support of New Jersey. Four states — Connecticut, New York, Pennsylvania, and Mississippi — had already passed legislation paving the way for legalized sports betting if the federal ban is lifted.

There is the potential for New Jersey to win its case, though it would be a slim victory. A ruling could allow for the state to offer sports betting, but that PASPA is still a good federal law. In this instance, the state’s government would not be able to regulate, tax, or license sports wagering. And other states would have to follow NJ’s lead in simply decriminalizing sports wagering if they want to offer it.

The worst-case scenario for New Jersey — heck, for sports betting — is that PASPA is ruled constitutional. Under these circumstances, New Jersey would not be allowed to offer legal sports betting anytime soon — nor would any other state in the country.

^^^^^

Does this mean Vegas won't be able to take sports bets anymore if SCOTUS says PASPA is constitutional?

And I highly doubt SCOTUS will do that......they will overturn PASPA, bet on it!