The first year of legal sports betting has ‘fantastic’

Happy First Anniversary sports betting!

One year ago on Tuesday, the high court struck down a 1992 federal law that effectively banned commercial sports betting in most states.

New Jersey, which filed the suit against the law, moved quickly and became a betting paradise. People can also bet in five other states, and four more just passed legislation to make sports betting legal.

New York is still navel gazing on the issue and should permit it by … well… someday.

So how’s the sports betting world doing? Yesterday I spoke with Jamie Shea, head of digital betting for DraftKings Sportsbook, and she says it couldn’t be bettor — uh, better.

“It’s been fantastic,” Shea says, adding that DraftKings alone took in 17 million bets and paid out more than $500 million in winnings on mobile wagers. Shea said the greatest accomplishment is “getting people off the illicit markets and getting them onto taxed, legal markets.”

To commemorate the anniversary, DraftKings is even giving away $5.14 bets today. Cute, no?

I have a call into some old-fashioned bookies to get their view on things. I’ll let you know just as soon as I know.

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