US Supreme Court Ends Ban on Sports Gambling in a Potential Game Changer for Crypto
The US Supreme Court just lifted a ban on sports gambling in a move that could have a significant impact in the world of cryptocurrency.
The 6-3 ruling strikes down a law passed back in 1992 that had prevented most states from legalizing sports betting.
“The legalization of sports gambling requires an important policy choice, but the choice is not ours to make,” wrote Justice Samuel Alito. “Congress can regulate sports gambling directly, but if it elects not to do so, each state is free to act on its own.”
Estimates on the total amount of money involved sports betting range from $700 billion to $1 trillion worldwide. In 2015, the online gaming market had a volume of $37.91 billion, and is expected to reach $59.79 billion by 2020.
The move could impact cryptocurrencies that combine gambling and the blockchain in various ways.
Edgeless is working to create a legally compliant ‘smart-contract’ powered casino that includes sports betting.
NoLimitCoin has created a fantasy sports platform where the big winners earn a pot of cryptocurrency at the end of the season.
Funfair is focused on combining online gambling and blockchain technology, and has discussed the possibility of adding sports gambing in the future.
Augur is designed to let people use the blockchain to create prediction markets on the outcome of any future event.
Gnosis is designing a prediction market similar to Augur, allowing people to wager on the outcome of an event.
BlitzPredict is using smart contracts to allow flexible betting options for users to execute wagers when certain criteria are met.
Do you know any more coins that could capitalize on the new ruling? Let us know in the comments!