What You Need to Know About Sports Betting
“Professional and Amateur Sports Protection Act (PASPA) was passed back in 1992, making it illegal on a nationwide basis to gamble on sports. Las Vegas/Nevada was given an exemption. In other words, the federal government passed a blanket ruling that made it illegal to bet on sports anywhere but in Nevada. That ruling has been overturned.
You can still fly out to Vegas and bet on sports. And soon you can fly/drive/walk to New Jersey and bet on sports. But you can’t just start throwing down cold, hard cash on a sporting event because of this ruling. It’s still a state-by-state situation and the timing of how this plays out in each of those legislative arenas still remains TBD.
When you deal with politicians, you’re inherently dealing with regulators and/or fans of regulation and with the money involved here, there will be plenty of regulations in place.”
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SOURCE: CBS SPORTS