14 May 2018: The Supreme Court opens the door to sports betting
On May 14, 2018 the Supreme Court struck down the federal law that had kept sports betting largely confined to Nevada, letting each state decide for itself. Casino and gaming stocks jumped that day. Within a few years dozens of states had legalized wagering and online sportsbooks were spending heavily on advertising. The house, as usual, had found another way to make sure it wins.
The lesson: New legal markets create growth, but the heavy marketing spending needed to win them can eat the profits.
Could you have called it at the time? The wheel picks the year, you pick the position, ten seconds a pick.
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