Sports Betting Legalized; Churchill Downs Has Leg Up on Rivals
In a landmark decision, the US Supreme Court ruled that states could legalize sports betting. We expect this to be a positive catalyst for several gambling-related equities, and many are moving fast to capitalize on the development. We’re taking a long-term view on potential ramifications and are not jumping head-first into any potential opportunities…yet. By Brian Nelson, CFA On May 14, 2018, in a 6-to-3 ruling, the Supreme Court of the United States ruled in Murphy v. National Collegiate Athletic Association that states could legalize sports gambling. The decision overturns the Professional and Amateur Sports Protection Act, a previous 1992 decision. The implications on a state by state basis have yet to play out, but we’d expect many states, including … Read more