News

The Supreme Court’s decision last week to end a long-term federal prohibition against sports wagering opens the door for states to license the activity, possibly raising the compliance stakes for casinos, banks and other institutions involved in payments tied to the gaming industry. In a 49-page ruling, the court decided 6-3 in favor of New Jersey’s challenge against the Professional and Amateur Sports Protection Act, a 1992 law that barred nearly all U.S. states other from regulating bets on sporting events, and empowered federal prosecutors to launch civil actions to block the practice. Casinos and bookmakers should anticipate a deluge...