Landmark SCOTUS Decision to Legalize Sports Gambling Could Mean Big Profits for This Stock
The U.S. Supreme Court weighed in on sports gambling this week, ruling states are free to legalize.
As reported by Bloomberg, “The justices struck down the federal law that had barred single-game gambling in most of the country, saying it unconstitutionally forced states to maintain their prohibitions.”
Experts believe this could have an impact on the industry in a matter of weeks, with legalization at the state level hitting double digits by year end.
For Esports Entertainment Group (NASDAQ: GMBL), an upstart wagering platform in the rapidly growing esports space, this could dramatically accelerate growth.
Even before the SCOTUS decision, esports betting had been expected to reach $20 billion by 2023. GMBL now expects this estimate to increase by several more billion dollars.
Grant Johnson, CEO of GMBL, stated, “This Supreme Court decision is another great victory in 2018 for esports wagering enthusiasts, which began with the launch of our VIE platform earlier this year. It is also another great milestone for our loyal shareholders that will now see a very large market open up to the Company.”
Unlike a traditional sports book, where players bet against the house, GMBL has developed a technology platform that connects gamblers directly.
It doesn’t matter who wins or loses, the company generates fees from simply matching the bettors.
GMBL’s stock was as high as $3 last year. Today it trades for just over $0.98 per share.
If it only recovers to last year’s high, you could see a 200% return. With the platform now live, in a red-hot sector, with top notch management, and now the potential addition of the massive U.S. sports-wagering market, we think it could ultimately trade much higher.
To learn more, read our recent in-depth report on GMBL.