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Sport gambling

NBA’s Silver: Legalize sports gambling

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NBA’s Silver: Legalize sports gambling – Nov.

Silver says it is important to protect the integrity of games, but argues that it would be easier, not tougher, with legalized gambling. And that means even bigger broadcast rights deals for the leagues, which is where the big money lies.

Fantasy sports is a form of sports gambling which is allowed under current law. “Over half of them have legal casinos.” He quoted estimates that $400 billion is wagered on sports every year. It is estimated to be a $1.4 billion a year business.

“Gambling has increasingly become a popular and accepted form of entertainment in the United States,” Silver wrote in an Op-Ed Friday in The New York Times.

In the Op-Ed, Silver called on Congress to change the law prohibiting sports gambling in most of the country since 1992.

“I believe that sports betting should be brought out of the underground and into the sunlight where it can be appropriately monitored and regulated,” he said. That’s also the main reason that despite being an attractive and growing market, no major sports team is based in Las Vegas.

Related: Sports gambling vs. the stock market

Leagues have opposed sports betting because of the possibility it could compromise their games’ integrity — a big concern ever since the thrown World Series in 1919, where Chicago players conspired with gamblers to intentionally lose the games.

But beyond those kinds of sponsorship deals, the leagues are betting that the biggest side benefit that gambling will generate is greater interest in their sport.

Related: Macau trumps Vegas with $270 minimum bets

The National Football League, Major League Baseball and the NCAA did not have a comment Friday on Silver’s position.

But there are already some signs of a change of heart at the NFL, the same league that once banned Vegas tourism commercials from the Super Bowl lest it be seen as endorsing gambling.

On Friday, the Washington Redskins announced a marketing agreement with FanDuel, which runs daily fantasy games. And the New England Patriots already have a deal with a rival site DraftKings.

“Most states offer lotteries,” He wrote.

CNNMoney (New York) First published November 14, 2014: 2:46 PM ET

. 14, 2014 by Chris Isidore   @CNNMoney November 14, 2014: 2:46 PM ET

Don’t bet on him being the last.

The NBA announced its own partnership deal with FanDuel on Thursday that grants it an equity stake in the site.

More interest means even better ratings for what has increasingly become the most valuable programming on television.

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Silver was acknowledging what has been obvious in the world of sports for decades: people like to gamble on their favorite games, and will find ways to do so, no matter what the law says

Gambling: The biggest losers | The Economist

Developers salivate at the prospect of markets opening in India and Japan. Western-style hotel-casino complexes are being built in Vietnam and the Philippines. Three years ago the country had no casinos; today the Marina Bay Sands and Resorts World Sentosa alone nearly outgross the entire Las Vegas Strip, but outside of Macau they enjoy first-mover advantage in betting-mad Asia. Seeing Singapore so near the top is surprising, but don’t get used to it. Singapore has had a lucky run, but lucky runs don’t last.. Vegas and the high-street bookies take in plenty of cash, but measured proportionally to population–net spending in the country’s legal forms of betting divided by the number of residents over age 16–America and Britain lag not merely Australia and Hong Kong, but also Scandinavia and Finland.

Think you know who the world’s biggest gamblers are?

ARE you an American who lost the month’s rent in Las Vegas? A Briton whose sure thing missed at the Grand National? You are not, alas, in particularly good company among your countrymen. Macau and Monaco, which derive nearly all of their gambling revenue from tourists, do not make the list