New York-based telecommunications firm Verizon Communications Inc. is thinking about entering the multibillion-dollar market for sports betting and has met with experts and consultants to assess the potential for expansion into sports betting, if there are changes in the US laws.
Last year Verizon acquired Yahoo and its popular fantasy sports business. According to people who are familiar with the matter, sports betting could become legal in the U.S. before the end of 2018.
Nevada is currently the only state in the United States in which punters can bet on sports. However, New Jersey would like to open up the regulated market to more states by overturning the federal 1992 Professional and Amateur Sports Protection Act (PASPA).
PASPA has made it unlawful for governmental entities to sponsor, promote, advertise or authorize betting, gambling or wagering schemes based on games played by amateur or professional athletes.
It is expected that the U.S. Supreme Court will issue a decision early this year in a case that challenges the current federal prohibition on sports gambling.
Matt Ellis, the Chief Financial Officer at Verizon, commented that there are a number of changes coming that they pay attention to. He went on to say that they stay close to that in order to see how it would affect their asset and how they may choose to respond. He added that he has not looked at anything in detail and if someone has an idea around it, he will look at it like any other but that they are not getting ahead of themselves there.