- On Monday the Supreme Court ruled that the federal ban on sports betting was unconstitutional and opened the door for the possibility of legalized sports betting in New Jersey and beyond.
- Mavericks owner Mark Cuban claimed that the move doubled the franchise value for owners in the four major sports.
- Cuban also discussed how advances in technology widely adopted legal sports betting could help increase fan engagement and enjoyment.
On Monday the Supreme Court ruled in favor of New Jersey, declaring that the federal ban on sports betting was unconstitutional and opening the door for the possibility of legalized sports betting in any state that decides to vote for it.
The moment has been anticipated for some time and could have huge ramifications for the future of sports as more states vote to legalize the practice. And according to Dallas Mavericks owner Mark Cuban, the decision will come as a boon for sports franchise owners.
Calling into on CNBC, Cuban said that the legalization of sports betting was a long time coming since everyone was already doing it anyway.
“Everybody gambled for a long time – this is not a new industry,” Cuban said. “It’s just a question of whether you’ve done it as a part of the underground economy … or whether you’ll be able to do it above board, and leverage all the new technology available to do it. With technology, apps, and always-on access, it’s something that will be a new form of entertainment that effects us all.”
Cuban added that he believed every franchise owner in the four major sports had just seen their investment double in value with the decision. When asked why, Cuban joked, “It could finally become fun to go to a baseball game again!”
Cuban, whose Mavericks have finished in the top five in NBA attendance numbers since 2003, emphasized that the shift could have a huge impact on the in-person experience for fans. “You’ll have fun at the arena, at the stadium, and while you’re watching it whether it’s online or on traditional TV. I think this is something that benefits everybody even tangentially associated with sports.”
You can watch a clip of Cuban’s conversation below.
The U.S. Supreme Court ruledthat states can legalize sports betting. Here’s what Mark Cubanhad to say. pic.twitter.com/Fj5jBCd892
— CNBC (@CNBC) May 14, 2018
The Supreme Court’s decision is only the start of the process of widely legalized sports betting. While New Jersey will likely be able to set up shop quickly, other states may take longer before the infrastructure and legislation are in place to embrace sports betting.
Still, with professional leagues now vying for a piece of what is rumored to be a $150 billion industry, it’s not hard to imagine Cuban’s projections coming true.