Billionaire and Multi-Sports Team Owner Ted Leonsis Associates Bitcoin with Shady Gambling
- Ted Leonsis owns several sports teams and was the president of America Online.
- One of the teams Leonsis owns, the Capitals, was worth $725 million at the end of last year.
In the United States alone, $10 billion has been spent on gambling since the decision of the Supreme Court just over a year ago, according to the Legal Sports Report. Now, billionaire Ted Leonsis has expressed interest in getting a piece of that action during the off-season of sports.
Mr. Leonsis is known for many things – his billions of dollars of wealth, his ownership of the Washington Mystics and the Washington Capitals, and his presidency of America Online years ago. While on stage in Detroit at the Freemason temple, he spoke about the plans to turn his “sports empire” into one of gambling, according to a recent article with Forbes.
Last year, the United States Supreme Court decided to establish laws for legal gambling in the US, striking down a previous ban.
At the time, Leonsis stated,
“Let’s take this shadow economy which is going to explode even more with bitcoin and the dark Web and bring it into the light. And if we can do that it will generate more jobs, it will generate tax revenues.”
Leonsis expressed interest in making the gambling world less negative and shady by using a place that is commonly associated with family fun.
Leonsis decided to establish a sports business in June 2010, which now owns the Mystics and the Capitals. By the end of last year, the latter was worth about $725 million. Leonsis pointed out that the sports world is generally accustomed to the downtime when the stadiums and other points of revenue don’t bring in funds. However, he wants to change that by adapting to the decision of the Supreme Court, opening the facilities to gambling, much like casinos.
“By opening up a world-class sportsbook, the building will come alive during the day. We want to be able to take advantage of the investment we have in real estate.”
While speaking with Forbes, Leonsis expressed that he wanted the arrangements to look like Wall Street, adding that it “should be like an Apple genius bar.” To allow these types of venues, he signed a deal with William Hill, a UK bookmaker, last month.