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Casino stocks rally after the U.S. Supreme Court struck down a federal law

 article about sports betting becomes legal in us
2018-05-15 00:44:08
Casino stocks in the US soar after the U.S Supreme Court struck down a law that forbid gambling on individual sporting events. Stocks of a number of different gambling corporations jumped after the news, including MGM Resorts International, Caesars Entertainment Corp, also Boyd Gaming Corp and Scientific Games Corp. But they weren't the only one, the news influenced the market for pretty much all US casinos.

What this Supreme Court decision did is that it found a law from 1992 that forced states to maintain rules that outlaw gambling unconstitutionally. This small change opens up a $4 Billion Market. Now the sports gambling in the States could start in a matter of months.

The stocks of affected companies rose up to 15 percent. Also companies in the UK saw a climb in their stock price.

MGM President William Hornbuckle said that "We believe in the next two years to three years, there are 10 to 12 states that are ripe and ready to activate on that."

Some states have already passed legislation allowing it such as Pennsylvania, New York, West Virginia, New Jersey

It isn't blue skies for everyone though, Nevada will most likely be on the losing side, considering it's losing its monopoly now.

Online gambling is still available only in three states only. But if you're not in the US, this shouldn't bother you much, you could just check out Novibet Casino and go on from there.

It's not only the betting companies that will be winning from the gambling legalization. Obviously the government will win with new taxes that will be paid but also various sports teams expect the legalization of gambling to make their organizations a lot more valuable. "There's an underground gigantic pool of revenue and now it moves into the sunshine. All of a sudden you're looking at a revenue stream that's as big or bigger than the traditional media business. It turbocharges the media business," said the owner of Washington Wizards and Capitals, Ted Leonsis.

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