Aug 25, 2021 11:07 AM ET
Legal Newswire POWERED BY LAW.COM
Over the last couple of years, the legal infrastructure in the United States has become much more accepting of sports betting. In fact, several states have actually passed legislation allowing businesses to provide sports betting services. Now, the industry has started to attract celebrity power. Earlier this week, sports-merchandise company Fanatics Inc. and Jay-Z have partnered on a bid for a mobile sports betting license in New York. According to a report by Bloomberg, Jay-Z also will not only join Fanatics Betting & Gaming’s board of directors, but he’ll also serve as the group’s vice chairman.
The shift to a more favorable attitude towards online gambling services is visible across the board. According to data published AGC, nearly 7 in 10 (69%) Americans say that gaming provides a positive benefit to the U.S. economy and 63% agree that the industry provides high-quality jobs. Moving forward, as the legal infrastructure continues to become friendlier towards online gambling and sports betting in particular, the trend of partnerships with various leagues and teams across the country is expected to accelerate. “When legislatures return in earnest, we firmly believe the number of states ready to consider accelerating mobile sports betting and online gaming legislation to drive tax revenue will expand substantially,” said Matt King, CEO of FanDuel, according to ESPN.