Here's the story from MinneInno, featuring Starting 11 CEO Teague Orgeman's take on the decision:
All bets are off – or on. That's for states to decide after a new Supreme Court decision today, which struck down a federal law that had banned sports gambling throughout most of the country.
The case addressed the Professional and Amateur Sports Protection Act of 1992, which prohibited states from allowing betting on sporting events. The law exempted Nevada (because you know... Vegas) and three other states. Today's case, Murphy v. National College Athletic Association, specifically concerned New Jersey, but has the potential to impact the entire country, where it's estimated that Americans annually place $150B in illegal wagers on sports.
There's a lot to dissect here. Seriously. Today's ruling could have major implications for media companies, state tax revenues and even arguments about how college athletes are compensated. We could dedicate three whole Beats to picking this thing apart, but for now, let's take a look at Minnesota.
Minnesota is not one of the states that have already passed legislation to quickly allow for sports betting, but that could change. Rep. Pat Garofalo will introduce a bill tomorrow to tax and regulate the industry, setting up a state wagering commission and allowing for online wagering and physical parlors. There are only five days left in the current legislative session – not enough time to pass the bill, but Garofalo hopes to get something passed before the start of the Minnesota Vikings season this fall.
Today's decision was met with excitement from Twin Cities sports startups like Starting 11, a fantasy soccer platform that allows users to place bets on matches. Starting 11 CEO Teague Orgeman told Minne Inno that the company is pleased with and excited by today's ruling. Orgeman does not expect any significant, short-term impact on Starting 11's day-to-day operations, but believes that new laws could open up more possibilities for what products and partnerships the company is able to offer in the U.S.
Orgeman, an attorney by trade, expects that up to 10 states will enact their own sports betting regulatory systems in the next 90 days. More states will follow suit.
"There will be – and ought to be – a flurry of innovation and investment flowing into the sports gaming space in response," Orgeman said. "The stage is set for the $150B annually bet illegally on sports in the United States to come out of the shadows. That's a good thing."