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Sports Betting Can Now Be Legalized by States; Stars Group Inc. Soars 12%

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May. 14 2018, Published 1:22 p.m. ET

Royal Flush on the river for gambling

By way of a 6-3 vote, The Supreme Court of the United States just struck down a federal law that forbid states from allowing sportsbetting.  States can now legalize sportsbetting, giving them the potential to bring in billions of dollars in tax revenue.

Shares of Stars Group Inc. (TSG), the parent company of BetStars, one of the leading providers of online sportsbetting, as well as PokerStars and Full Tilt Poker, have spiked more than 12% since the news broke, as this may be one of the top beneficiaries to the Supreme Court’s decision, not to mention the benefit they could receive if all forms of online gambling are legalized in the future.

-JP Gravitt

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