This year, the United States Supreme Court lifted the federal ban on sports gambling, allowing widespread bets to be placed for the first time across the United States. After the high court’s decision, more than 30 states are expected to implement some form of betting on sports. This places Nevada, and by natural extension, Las Vegas, in the midst of a new gambling landscape. How will the city adapt to its newest competition?
The Silver State Sets a Gold Standard
Local representatives and state senators are optimistic about the ways in which Nevada and Las Vegas will lead the way for other states. State Rep. Dina Titus, whose district overlaps much of Las Vegas, feels the Supreme Court’s decision will help consumers at large, noting that a “regulated market is always better than an unregulated one.”
State Senator Catherine Cortez Masto suggests that Nevada can help design systems that offer superior protection for consumers, who might otherwise be tempted to place money in the $150 billion per year illegal online sports betting market. Nevada Gaming Control Board Chairwoman Becky Harris agrees, adding that the Board looks forward to “acting as a resource and sharing [their] model with other jurisdictions.”
Ahead of the Game
Unique to Nevada, bettors can place wagers on individual games in professional and amateur sports. There is currently no other state that can offer that, and the Supreme Court’s decision does not change that status. Though a short list of eastern states — including New Jersey, Delaware, Pennsylvania, Connecticut — have already approved sports betting laws, most will only implement sports betting at pre-existing casinos and race tracks.
In addition, existing Las Vegas-based companies with strong geographic diversity, such as Caesars, Boyd Gaming, and MGM Resorts, are positioned to expand across the country and claim a piece of these new markets, occasionally with more mainstream ventures than you might think: MGM recently closed a deal to become the National Basketball Association’s first-ever gambling partner.
Bookmakers aren’t overly worried about a drop-off in their overall volume because Las Vegas offers much more than simply gambling on sports. While sports betting is a category that’s grown steadily over the last few years, visiting Las Vegas just to place sports bets would be like visiting the Grand Canyon only to check out the gift shop. With the sheer volume of nightly performances, music, world-renowned casinos, top-tier restaurants, and live sports, tourists and other visitors have come to expect plenty from Las Vegas that they cannot find anywhere else.
Ace in the Hole
Let’s face it: Las Vegas is used to competition. Once upon a time, Atlantic City struck fear into the hearts of Las Vegas officials. Next, it was the riverboat casinos floating up and down the mighty Mississippi. Then casinos on native reservations were projected to take a considerable chunk out of Las Vegas’ share.
Sin City has seen a number of competitors and threats emerge over the past century, but the city just keeps thriving. Nationwide sports gambling ought to be viewed in the same prism. Basically, the fears of being outpaced by smaller gambling operations in far-flung locales are overblown.
As Bill McBeath, CEO of Cosmopolitan of Las Vegas, explains, the majority of those who live far from Las Vegas and want to bet on sports do so illegally, regardless of the laws on the books. Those people not visiting Vegas won’t affect the local economy in the slightest. Ultimately, people who do come here prefer the full buffet of entertainment options that Las Vegas provides — not just sports gambling.
Those who visit Las Vegas often never want to leave, so many buy in and become part of the local tapestry. Living here adds a whole new appreciation for the wonder of this city. Sky Condos offers the best possible experience with its portfolio of luxury housing just a roll of the die away from the Strip. Come join us today!