Topic: How To Invest

What is Pat’s commentary for the week of July 4, 2018

Article Excerpt

The U.S. Supreme Court recently lifted 26-year-old limits on the U.S. sports betting market. This has created some special-situation investment opportunities. This week we are zeroing in on two of them. Since 1992, a federal ban has effectively restricted legal sports betting to Nevada. The Professional and Amateur Sports Protection Act (PASPA) outlawed betting on football, basketball, baseball and other sports across the country. Nevada—which has allowed widespread sports gambling since 1949—was grandfathered in as the only exception. It remained the sole state fully excluded from PASPA. However, New Jersey—another gaming centre—waged a six-year battle to win sports betting for its state. That has now led to the Supreme Court ruling. Despite the law, demand for sports betting on college and professional games outside of Nevada is huge. Americans illegally wager an estimated $150 billion on U.S. sports every year. The potential for huge tax revenues means that most states will likely adopt sports betting of some kind. At this point, one unknown remains:…

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