The "legalize sports gambling in America" movement is gaining steam. It has gained so much steam, in fact, that the NBA has formally outlined how much money it would want to receive if gambling were legalized.
According to Brian Windhorst of ESPN, NBA attorney Dean Spillane testified in front of a New York State Senate committee and clarified the league's desired price if it is to become a partner in legalizing the industry. So, how much is it?
The league would like 1 percent of every bet made on NBA games. Spillane said the league would also like bets to be legalized on smartphones and kiosks, and not simply at casinos and racetracks—not a big surprise. Obviously, more people would bet with their phones than at casinos.
Why now? Well, it seems the league recognizes a prime opportunity for revenue, and commissioner Adam Silver is a longtime proponent of legalizing sports gambling.
"We have studied these issues at length," Spillane said in his statement, according to Windhorst. "Our conclusion is that the time has come for a different approach that gives sports fans a safe and legal way to wager on sporting events while protecting the integrity of the underlying competitions."
Individual states may have the opportunity to legalize sports betting at casinos and racetracks, with a U.S. Supreme Court case pending. The case is based in New Jersey. Expect to hear a decision sometime in the spring.
"States like New York and others have reacted by moving forward to discuss and advance new laws that could immediately thereafter permit legal sports betting," Spillane said. "We cannot sit on the sidelines while this activity is occurring."
In Nevada, where sports gambling is legal, the state generated $4.5 billion in sports wagers in 2016 alone.
