Fay Vincent the former Major League Baseball commissioner believes that legalized sports betting within the United States would be considered one of sports’ biggest developments since television.
Vincent also believes that it will come sooner than later.
Last month, Vincent sent a letter to the editor at the New York Times. The letter was in response to a story related to the sale of the Miami Marlins MLB team.
He noted the story did not report a possibility that legalized betting for all sports is not too far from happening.
The anticipated revenue stream to owners of baseball teams might explain the sales prices tag of $1.2 billion, wrote Vincent.
Jeffrey Loria the owner of the Marlins put his team on the sales block earlier in 2017, originally asking $1.6 billion. However, he cut that price to the current $1.2 billion. Even at a lower price, the value of the team, along with the majority of professional sports franchises, has soared over the last 15 years.
Just 15 years ago, Loria paid just $158 million to acquire the Marlins and now wants eight times that price.
Vincent has said that he knows gambling is why the prices of teams is increasing. Adding he was astonished while not being able to believe the full amount of money that will start flowing into sports if sports betting is legalized.
Vincent added that the decision by the Supreme Court to hear the appeal by the state of New Jersey over the legalization of sports betting as its state racetracks and casinos is a huge case.
The former MLB commissioner believes New Jersey has a strong chance of coming out on top over the four major pro sports and the NCAA, which filed suit against the state’s governor Chris Christie to stop his efforts in 2012.
Sports betting within the U.S. has been banned in all but four states since 1992. PASPA or the Professional and Amateur Sports Protection Act was put into place that year.
Vincent was MLB commissioner between 1989 and 1992 and testified in support of the gambling prevention act. Baseball at that time had just gone through the betting scandal involving Pete Rose and jointed other major pro sports the NFL, NBA and NHL along with the NCAA to prevent sports betting that was state sponsored from spreading across the U.S.
It is estimated by the American Gaming Association that $150 billion is bet in the U.S. on sports each year, while others believe that figure is over $500 billion. However, any figure is difficult to support since gambling through online offshore sportsbooks and local bookies is so high and cannot be monitored.