The Latest: Analyst projects $57B market for legal bettingRickey Stokes
Posted by: RStokes
Date: May 14 2018 1:25 PM
WASHINGTON (AP) — The Latest on the Supreme Court ruling striking down a federal law that bars gambling on football, basketball, baseball and other sports in most states (all times local):
A gambling market researcher says the market for legal sports betting could be more than $57 billion nationwide.
Analyst David Katz of the Jefferies firm in New York is projecting modest near-term positive effects on the gambling industry following Monday's Supreme Court ruling.
His analysis says regional casino operators Penn National Gaming and Caesars Entertainment could be possible big winners.
The analysis says negotiating and establishing regulations and licenses could take time, and that gambling technology companies Scientific Gaming Corp. and IGT also are well-positioned to benefit from the ruling.
Representatives of the four publicly traded companies did not immediately respond to messages seeking comment.
Las Vegas-based MGM Resorts International welcomed an expansion of sports betting to other states, saying it offers a chance "to protect consumers and benefit the public by regulating and taxing sports betting."