Nick’s Note: At the Daily, we’re always trying to stay in front of big, money-making trends… And one that we’re excited about comes courtesy of PBRG friend and Strategic Investor editor, E.B. Tucker.
E.B. has been following the legalized sports betting trend for months… and shows why it’ll be as lucrative as selling alcohol and bigger than the entire legal cannabis industry…
When the Supreme Court lifted the federal ban on sports betting on May 14, New Jersey’s state legislature moved immediately. Just one month later, Governor Phil Murphy made the first legal sports bet in the state.
Murphy bet $20 that the New Jersey Devils hockey team would win the Stanley Cup, and another $20 that Germany’s soccer team would win the World Cup. (He lost on both.)
Delaware, Pennsylvania, and New York now also have sports betting laws on their books.
The recent midterm elections were very favorable for legal sports betting, too…
Voters in Arkansas passed Issue 4, which gave a number of the horse tracks there the ability to take bets on sports other than horse racing. And in Louisiana, fantasy sports betting is now legal in a majority of the state.
Other states that didn’t vote directly on sports betting still elected governors who view legal sports betting favorably. The new governors of Illinois and Ohio have both come out in support of legal sports betting.
Why are politicians in favor of legal sports betting?
One word: taxes.