Cuban: Supreme Court doubled team’s value
Count billionaire Dallas Mavericks owner Mark Cuban as a supporter of Monday’s Supreme Court ruling that could lead many states to legalize sports betting.
“I think everybody who owns a top four professional sports team just basically saw the value of their team double, at least,” the NBA team owner told CNBC.
The justices ruled that a 25-year-old federal law that had effectively prohibited sports betting outside of Nevada is unconstitutional — a ruling Cuban said could drastically change the way sports are consumed.
“It could finally become fun to go to a baseball game again,” Cuban said. “You know, all that downtime. A basketball game, football, it’s easy to see how you’ll have fun at the arena, at the stadium, and while you’re watching it, whether it’s online, on traditional TV. ... I think this is something that benefits everybody.”
Cuban added the onus will be on states to determine “how far” this goes.
“It really comes down to what the states do,” Cuban said. “How the states handle the implementation and what they allow and whether or not they work together will determine how all of this plays out.”
Ted Leonsis, owner of the NBA’s Washington Wizards and NHL’s Washington Capitals, released a lengthy statement that lauded the decision, which he said “brings a multibillion-dollar industry out of the shadows and into the sunlight, where its integrity can be guaranteed and consumers can be better protected.”
“Many ask if this decision will impact the integrity of sports themselves. I think it’s just the opposite,” Leonsis said in part of the statement. “I think that the increased transparency that will accompany more legalized betting around the country will only further protect against potential corruption. They say sunlight is the best disinfectant, and in this case I believe that is certainly true.”
NBA Commissioner Adam Silver, who has supported the legalization and regulation of sports betting, said in a statement: “We remain in favor of a federal framework that would provide a uniform approach to sports gambling in states that choose to permit it, but we will remain active in ongoing discussions with state legislatures. Regardless of the particulars of any future sports betting law, the integrity of our game remains our highest priority.”
Not everyone is on board, particularly Arnie Wexler, former executive director of the Council for Compulsive Gambling.
“We’ve opened up a real circus here,” said Wexler, co-author of All Bets Are Off: Losers, Liars, and Recovery from Gambling Addiction. “You’re going to have so many people addicted to gambling in the next couple of years it’s going to be crazy. We’re going to have a volcano of gambling addiction in America.”
Other reaction from the sports world: ❚ The NFL said in a statement it wants Congress to implement a “core regulatory framework” for sports betting in the wake of the Supreme Court decision: “The NFL’s long-standing and unwavering commitment to protecting the integrity of our game remains absolute. Congress has long recognized the potential harms posed by sports betting to the integrity of sporting contests and the public confidence in these events.
“Given that history, we intend to call on Congress again, this time to enact a core regulatory framework for legalized sports betting. We also will work closely with our clubs to ensure that any state efforts that move forward in the meantime protect our fans and the integrity of our game.”
The NFL Players’ Association added: “The Supreme Court’s decision today reaffirms our decision to collaborate with the other sports unions on the issues of player safety, integrity of our games and privacy and publicity rights. Our union will monitor developments closely and address the implications of this decision with the NFL, state legislators and other relevant stakeholders.”
❚ Major League Baseball said Monday’s decision will have “profound effects” on its operation.
“As each state considers whether to allow sports betting, we will continue to seek the proper protections for our sport, in partnership with other professional sports,” the league said in a statement. “Our most important priority is protecting the integrity of our games. We will continue to support legislation that creates airtight coordination and partnerships between the state, the casino operators and the governing bodies in sports toward that goal.”
MLB Players Association executive director Tony Clark said: “The Court’s decision is monumental, with far-reaching implications for baseball players and the game we love. From complex intellectual property questions to the most basic issues of player safety, the realities of widespread sports betting must be addressed urgently and thoughtfully to avoid putting our sport’s integrity at risk as states proceed with legalization.”
❚ The NCAA released a statement from chief legal officer Donald Remy, who said the organization is still reviewing the Supreme Court decision: “Today the United States Supreme Court issued a clear decision that PASPA is unconstitutional, reversing the lower courts that held otherwise. While we are still reviewing the decision to understand the overall implications to college sports, we will adjust sports wagering and championship policies to align with the direction from the court.”
❚ The NHL said the ruling “paves the way to an entirely different landscape — one in which we have not previously operated. We will review our current practices and policies and decide whether adjustments are needed, and if so, what those adjustments will look like.
“It’s important to emphasize that the Supreme Court’s decision has no immediate impact on existing League rules relating to sports wagering, and particularly, wagering involving NHL games. So, while changes may be considered in the future, today’s decision does not directly impact the operation of the League.”
❚ The PGA Tour reiterated its “support of the regulation of sports betting in a safe and responsible manner.”
❚ NASCAR said little other than it will “monitor” the ruling.
❚ IndyCar President Mark Miles said the ruling provides an opportunity for further engagement with fans: “We’ll listen to ideas which can grow our fan base and make our series even more engaging. While it’s too early to comment on anything specific, we will approach all conversations moving forward with the primary goal of protecting the integrity of our sport.”