- Height Capital Markets analyst Stefanie Miller thinks the U.S. Supreme Court will rule before July that federal law prohibiting sports betting in individual states is a violation of the Tenth Amendment. She relies on the read from industry professionals who sat in on the oral arguments in front of the high court.
- "We identify five states as able to begin almost-immediate implementation of sports betting regulations that their governors already signed into law should the Court overturn PASPA: New Jersey, New York, Pennsylvania, Mississippi, and West Virginia. Furthermore, we expect at least two more states (Connecticut and Maryland) will pass sports betting legislation before the Court releases its opinion, and nine additional states could follow by the end of 2018," writes Miller.
- The other state mentioned by Miller as potentially moving forward with sports betting are California, Illinois, Iowa, Kansas, Kentucky, Louisiana, Missouri, New York, Oklahoma and Rhode Island.
- Investors have a chance to get ahead of what could be a significant reset in the sports betting industry away from the streets and offshore to a regulated framework. Companies holding licenses in key states include Caesars Entertainment (NASDAQ:CZR), MGM Resorts (NYSE:MGM), Tropicana Entertainment (OTCQB:TPCA), Empire Resorts (NASDAQ:NYNY), Las Vegas Sands (NYSE:LVS), Penn National Gaming (NASDAQ:PENN), Boyd Gaming (NYSE:BYD), Churchill Downs (NASDAQ:CHDN), Pinnacle Entertainment (NYSE:PNK), Eldorado Resorts (NASDAQ:ERI) and Full House Resorts (NYSEMKT:FLL).
- Other players likely to be in the mix looking to benefit from open sports betting include The Stars Group (NASDAQ:TSG), International Game Technology (NYSE:IGT) and William Hill (OTCPK:WIMHF).
- Now read: International Game Technology 2017 Q4 - Results - Earnings Call Slides
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