Supreme Court ruling legitimizes sports betting: Washington Wizards owner

Ted Leonsis, the owner of the Washington Wizards and Capitals, told FOX Business on Tuesday the ruling on sports betting will allow sports stadiums to transform into real-time gaming arenas and big data analytics forums.

“I think we will do away with this concept of gambling,” he told Maria Bartiromo on “Mornings with Maria.”

The Supreme Court on Monday struck down the federal law barring most states from sports gambling, clearing the way to legalize sports betting in other states.

Not only will the states benefit, he said, but everyone from consumers to professional sports teams as well.

“We'll be able to get more revenues from sponsors – they’ll be a whole new group of sponsors,” he added.

And it doesn’t stop there. Leonsis who is also an investor and partner for venture capital firm Revolution Growth, said as fantasy sports companies like DraftKings are eager to take full advantage of consumers placing their bets.

“They are already taking action and gaming and betting and playing fantasy at about $150 billion a year – and it’s been in the shadows,” he added.