Cooper Levenson Partner Lynne Levin Kaufman will serve as a panelist on an American Bar Association webinar session discussing the recent United State Supreme Court Case, Murphy v. National Collegiate Athletic Association, on Thursday, November 8.
This webinar discussion, “The Post Murphy v. NCAA World of Sports Betting” is sponsored by the American Bar Association’s Center for Professional Development and will discuss what practitioners need to know about the rapidly evolving landscape of sports betting. With NFL ratings up in 2018, many say legalized sports betting is increasing interest and is expected to be a billion dollar industry for media and data companies.
The program will include a review of existing regulations, a discussion of recent developments in the gaming industry as it has prepared for this day, and a look at how online developments will impact sports betting.
Joining Lynne Levin Kaufman, will be Andrew Brandt, the Jeffrey S. Moorad Center for the Study of Sports Law, Christopher Soriano, Partner, Duane Morris LLP, and Carl Sottosanti, Executive Vice President, General Counsel & Secretary, Penn National Gaming Inc.
To register, go to https://www.americanbar.org/events-cle/mtg/web/342621634/
Cooper Levenson is a full service law firm since 1957, with 70 attorneys and offices in New Jersey, Delaware, Florida and Las Vegas. For more information, visit www.cooperlevenson.com.
by Lynne Levin Kaufman, Esquire
ATLANTIC CITY, N.J. – May 14, 2018 – By now, most of you have heard that the U.S. Supreme Court today held that the Professional and Amateur Sports Protection Act (PASPA), the more than 25 year old federal law that prohibited full blown sports betting in all states but Nevada, is an unconstitutional restriction on state sovereignty. The elimination of PASPA means that states can pass laws establishing regulated sports betting. But what does that mean for the gaming industry and for those of us who are anxious to place a legal bet in our state?
It means that the states that have already acted to pass legislation, or have bills pending in the legislature, including New Jersey and Pennsylvania, are preparing to roll out sports betting as soon as possible. It means that an opportunity has been created for businesses that operated outside of the U.S. to now locate themselves in the U.S., creating employment and other business opportunities. It means that much less revenue will be lost to the $150 billion illegal sports betting industry. It means tax revenue will be gained by states that legalize sports betting. It means that people who couldn’t travel to Nevada for the Super Bowl or March Madness, as two examples, can enjoy an entertainment experience at the casino or racetrack in their regulated sports betting state. It means that sports betting will be required to be conducted with integrity, transparency, and supervision.
Yes, there is a lot to work out. The average sports book realizes about a 5% profit, and integrity fees to the leagues, licensing fees, and technical requirements could deter industry growth. Then there are questions regarding internet wagering, server placement, and the Wire Act. But on this day, let’s put those thoughts aside and celebrate a monumental victory for the gaming industry. #SportsBetting