We’ve got huge gambling news, as the US Supreme Court on Monday opened the door for states to regulate sports betting. The unprecedented decision will allow the expansion of legalized betting on college and professional sports, and it strikes down the federal law that forbade states from authorizing such gambling.

The decision set off a rush among states to put plans in place — a New Jersey racetrack said it would offer sports betting within weeks — and could revolutionize spectator sports, with some envisioning real-time wagering at baseball stadiums on whether the next pitch will produce a hit or an out.

Casino stocks soared, and team owners wondered about future profits and a new way for fans to experience their product.

“This is a new frontier for professional sports,” Washington Wizards and Capitals owner Ted Leonsis said in a statement. “And teams who don’t seize on this opportunity will be left behind.”

Officially, the sports leagues and the NCAA, which governs college sports, were less celebratory and more worried — about a hodgepodge of state regulations to deal with, for one thing, as well as a threat to the integrity of their sports if the explosion of gambling leads to scandal.

More on the SCOTUS decision to allow states to regulate sports betting at Washington Post