Offbeat Casino stocks jump after sports wagering ban overturned

19:21  14 may  2018
19:21  14 may  2018 Source:   bloomberg.com

US stocks set to rally at the open as trade concerns abate

  US stocks set to rally at the open as trade concerns abate U.S. stock index futures pointed to triple-digit gains at the open Monday morning, amid hopes of a potential breakthrough in trade tensions.At around 04:55 a.m. ET, Dow futures rose 99 points, indicating a higher implied open of 113 points. The Nasdaq and the S&P 500 futures also indicated an upbeat start to the session for their respective markets.

Fifteen states plan to OK sports gambling if the ban is overturned . More: Las Vegas looks outside the casinos to draw in millennials. Skolnik said the legalization of sports wagering outside Nevada will trigger a spike in addictive behavior and associated problems.

Why ban on sports betting is close to being overturned . The American Gaming Association, fueled by casinos , has been a driving force to remove the federal ban sports gambling. With the federal ban on full-fledged sports wagering outside of Nevada now in place for 25 years, the smart money is

Shares of casino companies soared after the U.S. Supreme Court struck down a federal law that bars gambling on individual sporting events, opening up a new source of revenue for the industry.

Scientific Games Corp., Boyd Gaming Corp., MGM Resorts International and Caesars Entertainment Corp. all rose in the wake of the decision. Other companies, such as online gaming giant Stars Group Inc. and International Speedway Corp., also climbed.

The rally follows a decision that found a 1992 law unconstitutionally forced states to maintain rules that outlaw gambling. Nevada is the only state where single-game wagering is now legal. Sports gambling could begin in a matter of weeks in casinos and racetracks in New Jersey, which instigated the legal fight by repealing its gambling prohibition.

PGA Tour voices support of legal sports betting in wake of Court ruling

  PGA Tour voices support of legal sports betting in wake of Court ruling PGA Tour re-asserts support for legal wagering in wake of Supreme Court ruling.PGA Commissioner Jay Moynahan had voiced his support for legal wagering on Tour events prior to the Court's ruling.

The Circus Circus Las Vegas Race & Sports Book does not recognize suspended games, (Exception: see baseball rules) protests, and overturned decisions for wagering purposes. Some sportsbooks will also let you cash sports betting tickets at the cashier cage, but that varies from casino to casino .

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Scientific Games, a slot-machine maker that also processes bets for sports-book operators, saw its shares climb as much as 11 percent. Caesars, the largest operator of casinos in the U.S., rose 7.1 percent. Also gaining: a group of non-U.S. betting parlor and online operators that have already been taking wagers on sports in other countries.

William Hill Plc, one of the largest betting-shop operators in the U.K., saw its shares pop 9.6 percent. William Hill already has the largest number of sports books in Nevada. Stars, a Canadian company that owns the PokerStars brand, saw a 15 percent gain.

MGM, the largest owner of casinos on the Las Vegas Strip, saw its shares as much as 3.5 percent. The company gave a presentation to investors last week in week in which it sketched out a future of more professional sports teams in Las Vegas and a greater presence nationally in sports betting, either online or in casinos.

“We believe in the next two years to three years, there are 10 to 12 states that are ripe and ready to activate on that,” MGM President William Hornbuckle said. “We will be there. We will participate in it. We bring technology. We bring knowledge. And frankly in this space, we bring trust.”


US stocks set for a higher open after breaking above 25K .
U.S. stock index futures pointed to a higher open Tuesday, continuing the positive sentiment that sent shares above the 25,000 threshold Monday for the first time since March. At around 04:38 a.m. ET, Dow futures rose 49 points, indicating a higher implied open of 46 points. The Nasdaq and S&P 500 futures also indicated an upbeat start to the session for their respective markets.Monday's rally followed remarks by Treasury Secretary Steven Mnuchin that the prospect of a trade war between the U.S. and China was "on hold" after an agreement to suspend tariff threats.

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