Good morning! Here's the sports betting edition I promised you. Hope you enjoy.
Illustration: Aïda Amer/Axios
It's been almost a year since the Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA), which had prevented states from creating their own regulations regarding sports betting.
Why it matters: One of the biggest realizations I've come to over the past year is that most Americans have no concept of how big sports betting can become.
The big picture: I recently spoke with Ted Leonsis, owner of Washington D.C.'s Capital One Arena as well as the four teams who play there (Wizards, Capitals, Mystics, Valor) about this disconnect. His response: "It's a generational thing."
"When someone my age closes their eyes and thinks of sports betting, they imagine some back room with cigarette smoke and cocktail waitresses and a mafia guy walking in with a paper bag full of cash."
"For the younger generation — for you, for my son — what conjures up in their minds is playing daily fantasy sports. Rather than thinking of sports betting as this criminal activity, they associate it with the idea of 'how much smarter am I than you because I did my research.'"— Ted Leonsis, CEO of Monumental Sports & Entertainment
The bottom line: Teenage sports fans are coming of age in a world where sports betting is being sold to them as an honest, legit and important addition to their fandom.
Eight states — Nevada, New Jersey, Mississippi, Pennsylvania, Rhode Island, West Virginia, Delaware and New Mexico — have already legalized sports betting, and the on-deck circle is packed.
The big picture: In January, wagers in new legal sports betting markets ($503.1 million) exceeded the amount of wagers placed in Nevada ($497.5 million) for the first time, per the American Gaming Association.
By the numbers: January's state-by-state handle (in millions):
Total: $998.8 million was legally wagered in January.
Illustration: Aïda Amer/Axios
"In the middle of the 20th century, television began reframing the way we experience sports," writes the N.Y. Times' Bruce Schoenfeld.
P.S. In addition to revolutionizing live broadcasts, the proliferation of sports betting will also bring rise to new studio shows. Here are a few that already exist:
Capital One Arena in Washington, D.C. Photo: Mark Goldman/Icon Sportswire via Getty Images
In the not too distant future, you'll likely have the opportunity to place an in-stadium bet while watching your favorite team play — either from your seat on your phone or perhaps at a betting window/lounge near the concessions.
The big picture: Once this infrastructure is in place, sports arenas will not only be able to cater to sports bettors during games; they'll also be able to cater to them when there's no game going on at all.
The bottom line: Imagine a colossal sports stadium located right in the center of downtown. Now imagine if that stadium had betting lounges where you could congregate, eat food and watch and bet on sports.
Illustration: Sarah Grillo/Axios
From Mike: When the Supreme Court's decision came down last May, sports leagues immediately began pushing for an integrity fee to get a cut of every dollar wagered, but pushback from the gaming industry put a stop to that pretty quickly.
Why it matters: This is the gaming industry's perfect world: private deals fueling the industry instead of public laws.
"Contract over statute ... We're pleased you're not statutorily required to purchase data or pay an integrity fee. That can be done through contractual negotiation."— Sara Slane, senior vice president of Public Affairs at the American Gaming Association
"Eight Men Out" is a 1998 film that tells the story of the infamous "Black Sox scandal," in which eight members of the 1919 Chicago White Sox conspired with gamblers to intentionally lose the World Series.
Answer at the bottom.
Sports betting kiosks with odds displayed. Photo: Julian Finney/Getty Images
Sports betting is part of the culture in the U.K., where it has been legal for years. "The only limit for bettors is their imagination," writes the N.Y. Times' Tariq Panja.
We're partnering up with The Action Network to deliver an epic new version of our daily pick 'em contest.
Have a great weekend,
Kendall "I love Zion" Baker
Trivia answer: Cincinnati Reds