(CBS News/CBSLA) – The Supreme Court has struck down a federal law that bars gambling on football, basketball, baseball and other sports in most states, giving states the go-ahead to legalize betting on sports.

The Supreme Court on Monday struck down the Professional and Amateur Sports Protection Act. The 1992 law barred state-authorized sports gambling with some exceptions. It made Nevada the only state where a person could wager on the results of a single game.

CBS News’ Jan Crawford reports that the the justices agreed 7-2 that the federal ban was unconstitutional, and that states have the authority to decide whether to offer legal sports betting. Justices Ruth Bader Ginsburg and Sonya Sotomayor dissented.

One research firm estimated before the ruling that if the Supreme Court were to strike down the law, 32 states would likely offer sports betting within five years.

An estimated $150 billion a year – and as high as $400 billion – is placed in illegal betting on sports in the United States each year.

The court’s decision came in a case from New Jersey, which has fought for years to legalize gambling on sports at casinos and racetracks in the state.

© 2018 CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

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