Term Sheet — Tuesday, May 15

ALL BETS ARE ON

Good morning, Term Sheet readers.

Welcome to America -- where sports betting is now legal.

In a 6-3 ruling, The Supreme Court cleared the way for states to legalize sports betting, striking down a 1992 federal law that had banned the practice in most states.

Justice Samuel Alito explained that this issue has long divided Americans. He said:

The legalization of sports gambling is a controversial subject. Supporters argue that legalization will produce revenue for the States...

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