The court ruled 6-3 to strike down the Professional and Amateur Sports Protection Act (PASPA), a federal law that prohibited states from allowing betting on sporting events.
The NCAA has always opposed the legalization of sports gambling, but it is now forced to re-examine its policies to deal with or work around the implementation of legalized sports gambling across the country.
"While we are still reviewing the decision to understand the overall implications to college sports, we will adjust sports wagering and championship policies to align with the direction of the court," NCAA chief legal officer Donald Remy said in a statement.
Several states have already begun preparing for the court's decision.
West Virginia, for example, has adopted a sports wagering bill, and ESPN reported earlier this month that West Virginia University and Marshall possibly could end up receiving a cut of the state's sports gambling revenue.
Pro Football Talk reported, based on information obtained from a sports media executive, that six to 10 states could have sports betting program in place before the NFL regular-season begins, which is roughly the same time that the college football season starts.