BBF - With Legal Sports Gambling About To Surge Are State Tax Revenue Jackpots Ahead?
By Rob Amodeo, Head of Municipals at Western Asset, a Legg Mason affiliate.
The U.S. Supreme Court effectively cleared the way for states to benefit from legalized sports gambling when it ruled in May in favor of New Jersey's challenge to the federal Professional Amateur Sports Protection Act of 1992.
The ruling is expected to lead to a legal market that will cut into established, but unlawful, sports wagering estimated by the American Gaming Association at $150 billion annually. Legalizing sports betting will allow states to capture a new source of tax revenue. These