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Companies That Benefit from Legal Sports Betting

August 10, 2018 | By Louis Tully

 

Recently, the US Supreme Court opened a new door in which businesses could profit from legal sports betting. A step like this could easily allow big companies (as well as state and local governments) to possibly rake in many billions of dollars in additional revenue. This new ruling set forth by the US Supreme Court on May 14, 2018, now makes it possible for states to choose their own laws regarding sports betting and other gambling practices. This could mean a huge economic boost on a nationwide scale. If the economy sees rapid growth as result of these new sports betting laws, this could be potentially good news for those still clinging to installment loans to make ends meet. Here are just a few of the companies that may win big from legalized sports betting:

MGM Resorts International [NYSE: MGM]

Already having a big presence in Las Vegas, MGM Resorts International recently opened casinos in New Jersey, Maryland, Detroit and Mississippi, with Massachusetts being next on the list. Since MGM already has the perfect gambling infrastructure in place, it can easily set up sports betting operations without even skipping a beat. Also, if local governments decide to require licensing for sports betting set-ups, you can bet that a company like MGM will fall in favor given their well-known history in the betting world.

Wynn Resorts [NASDAQ: WYNN]

After Wynn Resorts founder, Steve Wynn’s very recent resignation, this Las Vegas-based company has had to face off with a multitude of hurdling obstacles. Despite the challenges though, the company still manages to keep its head above water and is even beginning to operate outside of its hometown. In fact, Wynn has a brand-new casino resort in the works for the state of Massachusetts that will cost $2.4 billion to get up and running. The company will surely benefit from the new legalize sports betting laws that have been put into place here and possibly in other states in the future.

International Game Technology [NYSE: IGT]

When it comes to the world of sports betting, technology plays a crucial role in its operative success. IGT is in a good position to lend their business in this arena. This company is credited for being the world’s largest slot machines manufacturer, so it already has its hands on a majority of all the big casinos that were already legal. So, it’s a safe bet that they’ll be ready and waiting to get in on the new casinos that will be sprouting up due to the new sports betting laws set in place this year. According to Bank of America/Merrill Lynch analysts, IGT and other companies like it could see as much as a $1 billion climb in annual sales from legal sports gambling.