States Can Legalize Sports Gambling, U.S. Supreme Court Rules

Written on:May 18, 2018
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Bloomberg Markets

The U.S. Supreme Court has ruled that states now hold the right on whether or not to permit sports gambling. The decision is expected to produce a billion dollar industry in bets.

Before today’s decision, only Nevada allowed this type of sports wagering. Now this allowance could spread to other states as soon as next week. Casino and online wagering shares rose dramatically following the historic decision. Various professional sports organization admitted that the ruling will have a massive affect on their sport.

Key Takeaways:

  • Stock shares, having to do with casino operators and their suppliers got a giant boost with a federal law change, enabling states to legalize sports gambling.
  • Caesar’s Entertainment Corp, the largest casino operator in the U.S., rose almost 10%.
  • Las Vegas Strip casino owner, MGM Resorts International, got a nice stock share boost too, of almost 4%.

“The justices on Monday struck down the federal law that had barred single-game gambling in most of the country, saying it unconstitutionally forced states to maintain their prohibitions.”

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