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The Supreme Court of the United States of America is set to consider a new ruling that could effectively legalize sports betting nationwide.

The current law which restricts such gambling on sporting to just three states, including Nevada, is over 25-years-old.

If SCOTUS overturns this ruling it would make all fifty states eligible for the same potential of gambling as major casino cities.

New Jersey has issued a challenge to the original ban, suggesting that it's Unconstitutional, arguing that it's an infringement upon state's rights.

This effort would effectively reshape the landscape for for-profit online gambling, as well as remove much of the potential for European and international gambling agencies to profit.

Currently, all of those dollars spent through those agencies have become restricted to foreign profits, and that could essentially serve the states in which the bets would be placed originally.

Analysts estimate an expanded legal marketplace for the sports betting industry could generate between $7 billion and $15 billion annually in the U.S. That is up from a current $270 million in legal betting and an estimated $3 billion generated in unregulated black markets, including through unlicensed offshore operations in the Caribbean and elsewhere that take wagers online.

“The illegal market has worked well for the customer,” said Geoff Freeman, president and chief executive of the American Gaming Association, which argues that more widely regulated sports betting would represent a new revenue stream for states. “They can access these sites just as easy as they can get an Uber.”

The NCAA, along with Major League Baseball, the National Hockey League, the National Football League, the National Basketball Association, along with other sporting firms; have all since sued to stop New Jersey from going forward with state-sanctioned sports betting, and they will argue against the state when the high court hears oral arguments on Monday.

The case is a classic showdown between states and the federal government. In court filings, the league says that there’s nothing unconstitutional about Congress preventing states from sanctioning sports betting. The Trump Administration also will argue in defense of the federal law, known as the Professional and Amateur Sports Protection Act.

The case will be reviewed sometime next week, with a major potential to bolster the profits of each individual state.

Regardless of the Supreme Court's ruling, a push to compel Congress to act on sports betting is expected to follow, according to<a href="http://www.espn.com/chalk/story/_/id/21621246/gambling-everything-need-know-new-jersey-gambling-supreme-court-case">ESPN</a>.

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