Three states voted to legalize sports betting on Election Day: Maryland, South Dakota and Louisiana. Half of the U.S. could have legal sports betting in action by the end of 2021.
While regulations for each state still need to be finalized, Morgan Stanley projects they could represent up to a $537 million market. Sports betting stocks surged Wednesday at the prospect of the new markets.
The Canadian Parliament also introduced legislation to legalize single-event betting on Tuesday. Legalization of online sports betting in the province of Ontario would open up a market with a population larger than Pennsylvania — the fifth-largest state — to operators.
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