Term Sheet — Monday, May 7

DUEL IT OUT

Good morning, Term Sheet readers.

All eyes are on New Jersey.

Any day now, the Supreme Court is expected to decide if the state can legalize sports betting. The court is deliberating on NCAA vs. Christie, a New Jersey case that could invalidate the Professional and Amateur Sports Protection Act, a 1992 law that bans sports betting in most states.

If the court rules in favor of the state of New Jersey, it's likely there will be a massive chain reaction set off in state houses...

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