A U.S. Supreme Court ruling has opened the door for increased legal sports betting, poker online and several contributors to MoneyShowm are now placing wagers on which companies will benefit.
Here’s a look at select gaming technology plays, an ETF, a media giant and two reviews for a well-positioned regional casino operator:
On May 14, the U.S. Supreme Court issued a decision that struck down a 25-year old law, which was known as the S the Professional and Amateur Sports Protection Act. poker online That law largely outlawed sports betting anywhere in the country other than Nevada. It had been challenged in the courts by several states with the lead plaintiff being New Jersey. Now the Supreme Court has had the final say and the states have won.
As a result, any state that wants to allow betting on professional and college sports is free to do so. A number of them are planning to get started right away. A racetrack in New Jersey intends to have betting windows open as soon as possible. Mississippi and West Virginia are likely next, followed by New York and Illinois.
It’s estimated that as many as 32 states will have legalized gambling over the next few years. Of these, 20 states have already introduced bills that would legalize sports betting.
This ruling is a big deal for the gambling industry. poker online A number of companies saw share prices jump on the news and by the time you read this they will surely have moved higher. But this is an enormous market. Some estimates run as high as $150 billion in the illegal sports betting market that exists today.
In Nevada alone, gamblers spend $5 billion figures in U.S. dollars betting on football, both college and professional, along with basketball and other sports. Because this is likely to be a bonus for the states in terms of increased tax revenue, it is unlikely at this point that many will refuse the opportunity.
There’s still a chance that Congress will act to establish some federal guidelines. In fact, some participants hope it will do so in order to smooth out the differences that will emerge by allowing a free for all state-by-state implementation.
However, whether Congress acts or not, it is entirely likely that legalized sports gambling is now a reality. poker online Of course, there continues to be concern that this rollout of sports gambling will lead to corruption on a massive scale and result in athletes being ensnared in various forms of gambling scandals. Be that as it may, it’s going to happen, and the question now is who is going to benefit and how can we profit from it.