Pro Sports Leagues Eye Gambling Proceeds
Since the U.S. Supreme Court let states legalize sports betting, Major League Baseball and the NBA have made clear they’re not on board — unless they get a cut of the profits, OZY reports. Calling for so-called “integrity fees” of around 0.25 to 1 percent, aimed at funding efforts to make sure sporting remains untainted, experts say it’s actually “a cash grab” to ensure they don’t “leave the sports betting discussion empty-handed.”
How much could the leagues make? In New Jersey alone, sportsbooks have taken $1.95 billion in bets since June 2018 — so even if the leagues got just 0.25 percent, that would have been nearly $5 million so far.