Wagering on sports is a billion dollar industry [VIDEO] and now each state in the union has a chance to jump on board. Rejoice, sports enthusiasts, fantasy football players and hardcore gamblers, it is now legal to place your money down on your favorite sports team [VIDEO] and reap the profits! This is something that was long overdue.

According to a CNN report, the Supreme Court cleared the way Monday morning for states to have the option to legalize sports betting -- thus ending a 1992 federal law that had prohibited most states from authorizing sports betting.

What it means

While most sports fans who enjoy wagering a few bucks on their favorite team used to have to hop on a plane and head to Las Vegas to do so, that may soon be coming to an end.

Now that the Supreme Court has paved the way to let each state decide if they want to legalize sports wagering, according to ESPN, it is only a matter of time before most states say yes -- with New Jersey likely being first in line.

It was Chris Christie who started the push to legalize sports gaming over two years ago. Now that it has passed, you can bet that New Jersey will have gaming up and running just in time for the 2018 NFL season -- if not sooner. ESPN also indicated that Delaware, Mississippi, New York, Pennsylvania and West Virginia are among the states expected to quickly get into the legal bookmaking game.

Christie wasn't alone in banging the drum to make sports wagering legal. NBA Commissioner Adam Silver also believes that sports wagering should become legalized and hopes that everyone will benefit from it, including the four major sports.

Why it makes sense

With all the hype surrounding medical marijuana and how it can greatly help the economy with all the tax revenue it can bring in, it is nothing compared to sports wagering. An average Monday night NFL game can easily generate $50-100 million dollars in wagering throughout Las Vegas and online sportsbooks. That is for one single game!

If done correctly, it is hard to believe that an industry that sometimes sees $2-4 billion dollars annually wagered would not be a great thing for the economy. Instead of people placing a bet with a local bookie -- last year it was estimated by Forbes that over $3 million was wagered illegally on just the Super Bowl alone -- now it can be done on the straight and narrow. The federal and state can take a cut, and the person placing his or her wager can get the money as soon as the game comes to an end.

Let the games begin!