In a historic decision Monday morning, the U.S. Supreme Court voted 7-2 in favor of overturning the federal ban on state-sanctioned sports betting, paving the way for legalized wagering across the country.

The official decision contends, "Congress can regulate sports gambling directly, but if it elects not to do so, each State is free to act on its own." That opens the door for each state to individually decide whether to allow sports betting in its region.

The case was contested in New Jersey, a state that will likely be the first to make the change under the ruling.

The Professional and Amateur Sports Protection Act came into law in 1992, and while it didn't officially ban sports betting nationwide, it ruled states were not allowed to permit sports betting.

Nevada was the lone exception to the rule, creating a sports betting haven in the desert, most notably in Las Vegas.

According to Pete Williams of NBC Sports, the American Gaming Association estimates the men's NCAA basketball tournament alone brings in $10 billion per year, with only three percent being wagered legally in Nevada.

A number of states have introduced legislation in the past few months that would legalize sports betting once the Supreme Court ruled, so expect those areas to act fast following Monday's decision.

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