National Basketball Association outlines gambling plan, hopes to get some of the proceeds

Indiana House bill includes 1 percent 'integrity fee' for NBA, MLB

Plenty of this hinges on a current case in New Jersey being considered by the U.S. Supreme Court which challenges the 1992 federal ban on sports betting in all but 4 states (Nevada, Delaware, Montana and Oregon). "The NBA's first and paramount responsibility is to protect the integrity of professional basketball and preserve public confidence in the league and our sport", Spillane said.

The Supreme Court decision is expected no later than June. To compensate leagues for the risk and expense created by betting and the commercial value our product creates for betting operators, we believe it is reasonable for operators to pay each league 1% of the total amount bet on its games. It is estimated that gamblers make nearly $200 billion in illegal sports bets each year.

The sport leagues in the US have shown no interest in legalizing sports betting because they are concerned that it could generate match fixing and other corruption scandals. The 1% fee amounts to more than 20 percent of sports book revenues, according to William Hill sports book CEO Joe Asher.

After all, the Big 5 of sporting leagues - NBA, NFL, MLB, NHL, and the NCAA - have spent millions in legal fees fighting the same New Jersey case the Supreme Court is now handling, according to ESPN.

"When considering the future of sports wagering, we would encourage the state to utilize the existing network of racetracks and [offtrack betting sites] because it is the best way to ensure a widely available, well-regulated system that best serves New York and its residents", said Joseph Appelbaum, president of the New York Thoroughbred Horsemen's Association.

The current market for sports betting is estimated at $150 billion, almost all of it coming through illicit channels. This doesn't just include benefitting from sports betting, but playing a role in how it is regulated - the league would want to help implement things like regulations against prop bets, age limits, monitoring for illegal activity, and consumer protections.

Having studied the subject matter for a number of years, the NBA's governance seeks to act on the front foot with regards to developing United States betting standards and policy. "Congress should adopt a federal framework that allows states to authorize betting on professional sports, subject to strict regulatory requirements and technological safeguards". There is much that will need to be worked out, including whether leagues that already are raking in billions should be allowed to skim a little bit more off the top. And while the National Hockey League has yet to take a public position on the subject, it allows bets to be placed on Vegas Golden Knights games in Nevada.

Related:

Comments

Latest news

Joel Embiid And Lonzo Ball Headline Mtn Dew Kickstart Rising Stars Rosters
The second-year guard has posted 20+ points 17 times and 30+ points six times, both the most among all players under 21. He's shooting 48 percent from the field, 39 percent from three-point and almost 83 percent from the free-throw line.

Doomsday Clock strikes 30 seconds nearer to midnight
NUCLEAR risks and climate change dangers have resulted in the Doomsday Clock advancing closer to midnight. Last year's biggest risks, according to the organization, also pertained to nuclear war.

Turkey says 'Olive Branch' to continue until terrorists eliminated
The YPG is a key USA ally against IS and played a major role in driving the extremists from much of northern and eastern Syria. United Nations efforts to punish perpetrators in Syria have failed, repeatedly blocked by Syrian ally Russian Federation .

Man Utd announce Alexis Sanchez transfer by filming Chilean playing PIANO
Wenger confirmed in his pre-match press conference the swap deal involving Sanchez and Mkhitaryan is likely to be completed. Then, late on Sunday evening, images emerged of Sanchez in a full Manchester United kit, wearing the famous number 7 shirt.

Other news