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Jul
30

Is There Any Role Left for Federal Regulation of Sports Wagering?

Editor’s Note: See CRE’s December 2007 letter to the Treasury Department and Federal Reserve System re: Establishing A UIGEA Restricted Transaction List and Process for Resolving UIGEA Status of Other Transactions and CRE’s September 2008 letter to the Federal Reserve re: Burden of Proposed Internet Gambling (UIGEA) Regulations on Financial Institutions.

From: The Regulatory Review

Despite a watershed ruling, the gaming industry must still contend with onerous and redundant state oversight.

With its decision in Murphy v. National Collegiate Athletic Association, the U.S. Supreme Courtinvalidated the Professional Amateur Sports Protection Act (PASPA), a federal statute that prohibited states from authorizing competitive sporting events. The decision allows states to determine whether to permit sports wagering within their borders.

Just weeks after the Court’s decision in Murphy, sports wagering has already commenced at casinos and racetracks in New Jersey and Delaware. In addition, Pennsylvania, New York, Rhode Island, West Virginia, and Mississippi have all passed legislation authorizing sports wagering. Several other states have introduced—but not passed—legislation that would allow some form of wagering on sporting events.

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