I’m a huge sports fan. Always have been. I’m an even bigger fan of making money (and that’s saying something). We’re smack in the middle of a great time for both at once — thanks to some great news for gaming stocks.
In terms of sports, the NBA and NHL playoffs start in just a few weeks. Major League Baseball’s spring training is in “full swing” (sorry, couldn’t resist). In fact, I’m writing to you from Florida, where I’m catching a few Philadelphia Phillies’ practices and games.
And to top it all off… the 2019 NCAA basketball tournament just got under way. You’ve also heard it called “March Madness,” and that brings us to investing.
More than 40 million people were expected to fill out those famous brackets – picking winners round-by-round all the way through the championship. From those little office pools to big-time bets elsewhere, nearly 20% of adults in the U.S. are expected to bet on the tournament. The American Gaming Association (AGA) estimates that about $8.5 billion in total will be wagered on the tournament, which puts it up with the Super Bowl as the most bet on sports events each year.
This year’s tournament marks a landmark shift, especially for gaming stocks. It is the first time in its 80-year history when betting on it is legal outside of Nevada.
Similar to marijuana, the wave of legalized sports betting is building since a Supreme Court decision last May left the question of sports betting up to individual states. It hasn’t taken long for several to jump on board in just the last 10 months. In addition to Nevada, sports betting is now legal in New Jersey, Pennsylvania, West Virginia, Rhode Island, Delaware, Mississippi and New Mexico.
I realize eight states do not make a wave,