"The Supreme Court has opened the floodgates to sports betting by overturning a federal law restricting legal betting on games.
More than a dozen states are likely to join New Jersey, which brought the suit challenging the1992 federal law, in instituting legalized betting on the NFL, NBA, and other leagues.Other states, under pressure to balance their budgets without raising taxes, will surely follow.
Don’t bet, however, that this is good news for taxpayers.
Since states began instituting lotteries six decades ago, legalized gambling has spread throughout the United States.
Advocates have often touted gambling as a magic bullet to generate revenues, but it hasn’t delivered. And there’s plenty of evidence that it does harm—to people and to the greater economy..."
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