John Tatum, the CEO of sports marketing firm Genesco Sports, told FOX Business on Tuesday the Supreme Court decision to lift the ban on sports betting will revive the television industry.
“You’re going to reinvigorate all the television executives,” Tatum told Neil Cavuto on “Cavuto: Coast-to- Coast.” “I’m sure Les Moonves is ecstatic today because ratings on TV sports is going to go up if not this will help stabilize them.”
Illegal sports betting is a $150 billion business in the United States. Big televised sporting events, such as March Madness and the Super Bowl, traditionally rake in billions in offshore wagers.
Now that the issue has been brought to light, he said, the legalization will help generate revenue to police the industry.
“I think you’ve opened a whole new ecosystem and an opportunity with this ruling,” Tatum added.