Although it was carried on across the United States every single day of the year, sports betting was only legal in Nevada and Delaware. Finally, after years of efforts to change the rulings that kept it illegal, that prohibition came to an end in 2018. The U.S. Supreme Court ruled in the favor of individual states on a case involving the constitutionality defined by a 1992 law, the Professional and Amateur Sports Protection Act. That act prohibited states other than Nevada and Delaware from operating sports betting.
Since that time, numerous states have passed laws that allow both sportsbook gambling in casinos and online sports betting. The action is soaring, and a new Goldman Sachs research report noted this about the proliferation of online sports betting following a global gaming conference:
Our presenters believe that 95% of states will pass legislation for online sports betting in the next 10 years. In the near-term, Georgia and Arizona were viewed as states getting the least attention, but that could pass this year. New York is expected to make progress within the week as stakeholders are largely aligned — consensus from the panel anticipating multiple skins per operator. Texas was more controversial, with one panelist believing the spread-out legislative sessions may impede a bill getting passed this session (pushing legalization to 2023 at the earliest) whereas another panelist still saw a path (albeit slim) forward given alignment of stakeholders. Texas would need a 2/3 vote in both chambers, similar to California, which is seen as unlikely to move forward given tribal opposition.
We screened our 24/7 Wall St. research database looking for the top companies that stand to benefit from this huge opportunity, and while some of their stocks have made big moves, given the staggering growth potential, more upside may lie ahead. It is still important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.
Caesars Entertainment
Shares of this well-known old-school gaming company offer solid upside. Caesars Entertainment Corp. (NASDAQ: CZR) provides casino-entertainment and hospitality services, primarily under the Harrah’s, Caesars, Horseshoe and Eldorado brand names.
Its facilities include gaming offerings, food and beverage outlets, hotel and convention space, and non-gaming entertainment options. Caesars Entertainment is one of the largest gaming companies in the world and currently owns or operates 50 casino properties in 13 states and in four other countries.
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