Rob Manfred says it's time for Major League Baseball to give "fresh consideration" to legalized sports betting.

"Gambling in terms of our society has changed its presence on legalization," Manfred said, "and I think it's important for there to be a conversation between me and the owners about what our institutional position will be."

The Office of the Commissioner was formed specifically to deal with gambling, after the Chicago White Sox threw the 1919 World Series.

Approximately $725 million was wagered on baseball in 2014 at Nevada's legal sportsbooks. The American Gaming Association estimates $138.9 billion is wagered illegally on all sports annually in the U.S.