Photo: ReutersBetting on sports isn’t legal in most of the U.S., but that isn’t stopping entrepreneurs from building a new digital media platform that will be solely dedicated to the practice. “The sports marketplace in general is in a time of enormous transition,” said Mr. Chernin, the chairman and chief executive of Chernin Group. Depending on how the court rules, individual states could have more latitude to decide whether to allow regulated sports betting. Odds for Success Sports betting would see a large increase in revenue if it were more widely legalized, according to a gambling research firm. Estimated U.S. annual sports betting revenue 2017 legal betting $270 million 2017 illegal betting 2.5-3 billion If 50 states legalized at casinos and racetracks7.1 billion

Source: Wall Street Journal October 03, 2017 09:30 UTC