BEVERLY HILLS, Calif. — No one knows for sure how Monday’s U.S. Supreme Court decision paving the way for states to allow sports betting will change the landscape of gambling.
But one thing is certain: Larry Flynt, the adult entertainment industry icon and casino owner, is in.
Flynt told XBIZ today that he wants a piece of the sports-bookmaking action.
“Why not? Well over $150 billion a year is being spent on gambling with no tax revenue created,” Flynt said. “This decision makes it good for the government and individuals as this was much like prohibition. I think the Supreme Court made a sound decision leaving it up to each state.
“My casinos will be applying for a license as soon as possible.”
The Supreme Court on Monday ruled that the national ban on sports betting was unconstitutional, and now each state will decide whether to legalize it. The court found the Professional and Amateur Sports Protection Act, or PASPA, a 1992 law that had blocked states from authorizing sports betting, violated the anti-commandeering principle of the 10th Amendment.
New Jersey successfully fought the sports leagues and will be the first of the 47 non-gambling states to allow wagers.
Experts believe nearly three dozen states could potentially legalize sports betting over the next two to five years, with some just issuing sports betting licenses to casino and horse race operators.
Flynt operates both the Hustler Casino and the Larry Flynt’s Lucky Lady Casino. Both casinos are in Gardena, Calif.
Flynt also runs LFP Inc., publisher of Hustler magazine and its various adult entertainment divisions, along with the Hustler Hollywood retail chain.