*By Alisha Haridasani* The Supreme Court decision to effectively lift the ban on sports betting in most of the country will create a vast, competitive market for online bookmakers, said Jason Robins, the CEO and co-founder of the fantasy sports site DraftKings. Soon after the Justices announced their 6-3 ruling Monday, DraftKings [said](http://about.draftkings.com/2018/05/14/draftkings-moves-to-offer-sports-betting-after-u-s-supreme-court-overturns-outdated-ban/) it was already “working with state regulatory officials to apply for operating licenses,” a process it preemptively started last year. "I think that this is going to significantly increase the amount of competitors out there for us," said Robins in an interview with Cheddar after the ruling. And likely the amount of money wagered, too. The Court ruled in favor of a case brought by New Jersey that would allow the expansion of legal sports gambling beyond some jurisdictions in Nevada. Illegal sports gambling accounts for between $60 billion to $150 billion, according to some [estimates](https://www.bloomberg.com/news/articles/2018-03-05/how-u-s-sports-betting-is-rampant-and-mostly-illegal-quicktake). Bringing that illegal activity out from under a cloud creates opportunities for legal companies like DraftKings and its rival, FanDuel, to garner some of that business. "The rules around what you can do are about to expand in a great way," said Robins. DraftKings and FanDuel are the two largest fantasy sports sites in the world, but that market domination may soon "look like nothing compared to how competitive sports betting will be," Robins said. Both fantasy sites have come under fire for allegedly dipping into the illegal betting scene. Three years ago, more than [a dozen states](https://www.wsj.com/articles/fantasy-sports-industry-mounts-lobbying-blitz-1455585446) challenged the legal status of fantasy sport sites, arguing that while the teams on these fantasy sites are imagined, performance is based on the real outcomes of sporting leagues. But since then, the two sites worked with legislators in those states to create a regulatory framework around fantasy sports. DraftKings plans to use those relationships with lawmakers to push into sports betting. "A lot more is going to happen now a lot faster that the doors are open," Robins said. For the full interview, [click here](https://cheddar.com/videos/draftkings-to-get-in-on-sports-gambling).

Share:
More In Business
Al Sharpton to lead pro-DEI march through Wall Street
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
A US tariff exemption for small orders ends Friday. It’s a big deal.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines’ new policy will affect plus-size travelers. Here’s how
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Load More