May 31, 2018
Mark Cuban Predicts Online Poker Boom after Sports Betting Ruling
By RTR Dennis
Online poker growth has been stagnant in the United States in recent years. And the major reason why is that regulation is off to a slow start. But billionaire Mark Cuban believes that this could change following the Supreme Court's decision on sports betting.
Supreme Court justices ruled 6-3 to strike down a federal ban that's existed since 1992. In repealing the Professional and Amateur Sports Protection Act (PASPA), America's highest court has paved the way for individual states to legalize sports betting.
But how does this affect online poker in the US? Find out as we cover what Cuban said and why he thinks legal sports wagering is good for poker.
Sports Betting Paves the Way for Other Types of Gambling
Cuban recently did an interview with CNBC. And the host asked him about some of the "head fakes" that America has seen regarding online poker and daily fantasy sports legalization.
“I’m not a constitutional lawyer,” Cuban said. “But, you can see online poker all of a sudden. Someone is going to start up online poker again.
“It’s going to be interesting.” he continued, “It’s going to be a [gambling] free-for-all. I guess that’s the only thing you can say with certainty.”
Cuban also noted how people may even be able to bet on Fortnite, a co-op survival video game from Epic Games that's earned widespread popularity.
Cuban Thinks that the US can Learn from how Other Countries Handle Sports Betting
The US is one of the slowest countries with regard to legalizing sports betting and various forms of online gambling. And Cuban believes that American can learn a lot from other nations on how to handle their growing gaming market.
"[Sports betting] can truly become global," he said. "There are 118 countries that allow gambling. Really it's our chance to learn from them and catch up. Again with technology, and apps, and always-on access, it'll be something that's a new form of entertainment that affects us all."
Cuban added that legal sports betting will "double the value" of major sports franchises. The 59-year-old owns the Dallas Mavericks NBA franchise. According to the Star Telegram, the Mavericks are currently worth $1.4 billion.
Cuban sees the value of major sports franchises doubling, because people are more inclined to watch sports when they can bet on them.
The Current State of Online Poker in the US
Delaware became the first state to legalize online poker in 2012. Since then, only Nevada, New Jersey, and Pennsylvania have followed suit. Pennsylvania, which legalized online gambling in May 2018, won’t have any poker sites running for a while.
Most of the US still plays at unregulated (offshore) internet poker rooms. And this is likely to remain the case until more states legalize online gambling.
Connecticut, Michigan, and New York are considered among the closest to approving online poker. But given the slow rate that states have been legalizing internet gaming, there's no guarantee on when they'll regulate poker.
However, Cuban pointed out that legal sports betting could accelerate the process in which all forms of gambling are approved. Many states see sports wagering as one of the most-profitable forms of gaming. And if they allow sports betting, they'll be more likely to approve other types of internet gaming.
It's also possible that online poker could be attached to sports betting bills over the coming years. After all, state politicians will be more open to allowing many forms of gaming while they’re in the process of legalizing sports wagering.