Billionaire entrepreneur and Dallas Mavericks owner Mark Cuban is about to get a lot richer thanks to a historic decision made by the U.S. Supreme Court on May 14th.
To be specific, the high court legalized state-sanctioned competitive sports gambling.
The entrepreneur-turned-venture capitalist celebrated Monday’s verdict by taking to the airwaves – not to tout how much richer the ruling was about to make him, but to clue average investors in on how much richer the court’s decision could make them.
Cuban name-dropped two corporations he believes will profit nicely from SCOTUS’ verdict – neither of which has any obvious connection to sports betting, but both of which should see a healthy price boost from the decision. And soon.
These are perfect “pick-and-shovel” plays – and they’re both investments we at Money Morning have been touting for a while.
So without further ado, here’s the quick lowdown of what yesterday’s SCOTUS decision means for investors now, as well as how you can profit.
The Investment Opportunity Mark Cuban Sees in Sports Betting
In a 6-3 ruling Monday, “the Supremes” struck down the Professional and Amateur Sports Protection Act of 1992 – a law that barred state-authorized sports gambling, with the exception of Nevada.
Now any U.S. state has the greenlight to offer money wagers on single games. New Jersey, which brought the case to its final destination, plans to be first. Delaware, Mississippi, New York, Pennsylvania, and West Virginia are among the states expected to quickly get into the legal bookmaking game, as well.
The court ruled in favor of the Garden State and against the NCAA, NFL, NBA, NHL, and Major League Baseball, bringing to a close a nearly six-year legal battle and overturning a federal statute that the sports leagues had staunchly guarded for more than two decades.
The profit implications of SCOTUS’ ruling are massive, too.
The estimated $150 billion in annual illegal wagers on professional and amateur sports that Americans make every year can now be transacted legally, reported The New York Times yesterday.
And Cuban noted that the core operational force behind these new legalized wagers will depend on one sector: technology.
“With technology, it’ll be something that’s a new form of entertainment,” he said.
Then he mentioned the two companies he expects to see handsomely profit from this new and massive market – companies we’ve been touting for years thanks to their innovation and ingenuity in myriad burgeoning sectors worldwide.
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