So the U.S. Supreme Court sided with New Jersey on Monday and ruled that sports betting is now legal across the country. But how quickly can you place your bets?
Here's a closer look at that question and more:
When can you begin sports betting in New Jersey?
It's a little complicated. But it could be by Memorial Day — at least at Monmouth Park.
The racetrack in Oceanport announced Monday it plans to begin allowing sports betting within two weeks.
That would be just in time for the NBA Finals and Stanley Cup Final.
"It’s my intention, unless somebody stops us, to be up and running in two weeks," Monmouth Park operator Dennis Drazin said Monday. "If the Legislature or the governor says ‘slow down,’ I’m gonna listen to them."
The question is if Monmouth Park has to wait for state lawmakers to set up regulations. Monmouth Park officials believes they don't.
But even if they do, it might not be a long wait. State Senate President Stephen Sweeney told NJ Advance Media he hopes to have regulations in place by June 30.
Joe Asher, the U.S. CEO of William Hill, the British bookmaker that Monmouth Park has partnered with, said in a conference call Monday the two-week window may be a bit premature.
"But clearly we're thinking in the realm of weeks," Asher said. "We'll see how many that turns out to be."
There's no timetable on Atlantic City casinos yet.
Where can you bet?
Right now, Monmouth Park is the only place in the state that has a sports betting parlor set up. William Hill spent nearly $3 million since 2013 building it there and providing the infrastructure needed to take in bets.
Some Atlantic City casinos — including Borgata and the new Hard Rock — are also planning sports betting operations. But that may take some time to finish.
Meadowlands Racetrack in East Rutherford has been waiting for a ruling in New Jersey's case.
As for elsewhere? Regulations being considered by the state Legislature will limit betting to casinos, racetracks, and former racetracks in the state.
Is New Jersey alone?
No. The Supreme Court isn't allowing just New Jersey to set up sports betting. It struck down a 26-year-old federal law barring such wagering in 46 states that don't already have it.
Twenty other states — included Illinois, New York, Pennsylvania, and West Virginia — have either enacted or been considering legislation to set up sports betting.
Daniel Wallach, a gaming and sports law attorney with Becker & Poliakoff in Fort Lauderdale, Florida, said a more narrow ruling would have been more beneficial for New Jersey. But the state has a jump because it's been planning this for years.
"They still get a head start, and the head start could be significant," Wallach said.
What exactly happened?
New Jersey had been trying since 2011 to legalize sports betting. But it ran into a wall: a 1992 federal ban that barred sports betting everywhere but Delaware, Montana, Nevada, and Oregon.
(Ironically, the law was written by one of New Jersey's former U.S. senator, Bill Bradley, a former New York Knicks star who wanted to protect sports from cheating.)
That meant Las Vegas, the largest city in Nevada, became a sports betting mecca for years.
New Jersey argued that the federal ban was unconstitutional. It had previously lost its case eight times in courts at various federal levels. But this time, the Supreme Court agreed.
"What a major victory," Sweeney, the Senate president, said. "We lost every step of the way. But we got to the finish line."
How old do you have to be?
Monmouth Park says you have to be 21. That's the same age limit state lawmakers are pushing.
Which sports can you bet on?
Only professional and collegiate games, according to pending legislation. But in New Jersey, you wouldn't be able to bet on college games that take place in the state or that involve schools from the state — except tournaments.
Betting on high-school sports will be prohibited.
So who is regulating this?
At least for a while, Monmouth Park has set up its own independent regulatory committee. But lawmakers have already introduced bills for the state to regulate it — including one Sweeney unveiled Monday.
Once a final bill is passed and signed by Gov. Phil Murphy, a proponent of sports wagering, it will become law.
"I look forward to working with the Legislature to enact a law authorizing and regulating sports betting in the very near future," Murphy said in a statement Monday.
How much money does the state stand to make?
The American Gaming Association says sports betting could bring $26.6 billion in total economic impact to the U.S every year and create more than 150,000 jobs.
For years, officials say Americans bet up to $60 billion annual on sports via offshore websites and bookmakers.
Under the bill Sweeney, the Senate president, introduced Monday, the state would impose an 8 percent gross revenue tax on bets placed at casinos and tracks.
It would also institute a 12.5 percent tax on online sports bets placed through licensed casinos. All of those funds would be dedicated to programs that benefit seniors and the disabled.
Plus, another 1.25 percent tax would be place on gaming revenue at racetracks. That would be go to county and local governments for economic development purposes.
That's all a bit different from bills introduced earlier in the state Assembly. But a source said Assembly members are working on altering their legislation in the wake of the ruling.
The Senate and Assembly must pass an identical bill before Murphy can sign it.
Can you bet online?
New Jersey lawmakers plan to allowing online sports betting.
Drazin said it's unclear if there will be a website or app available if betting starts in two weeks at Monmouth Park. But it's possible, he added.
You will likely still have to be physically inside New Jersey to bet online through state sites.
Who will this help?
The state's goal has always been to limit such betting to casinos and racetracks — two industries that have been hurting in New Jersey.
"It’s a savior for casino and racetracks," said former state Sen. Raymond Lesniak, the driving force behind the state's effort.
"This will attract a younger generation of folks to go to Atlantic City and stay there," Lesniak added. "Not just for hours to play the slots, but to watch the sporting events. Throughout the year. They’ll dine there. They’ll rent room there. Shop there."
Lesniak said it will also "bring a new audience to the racetracks."
"Some will like the horse-racing part, but it will also increase revenues and increase purses so they can have elite meets and increase business," the Union County Democrat said.
Could this be reversed?
No. Professional sports leagues — namely the NFL, NBA, MLB, and NHL — and the NCAA have fought this successfully in court for years. The difference this time is: The Supreme Court is the highest court in the nation.
The NBA and MLB have softened their stance on sports betting in recent years. The NFL has remained steadfast, saying it threatens the integrity of their games.
On Monday, the NFL said in a statement that it wants Congress to implement a "core regulatory framework" for sports betting.
"The NFL’s long-standing and unwavering commitment to protecting the integrity of our game remains absolute," the league added.