As the United States Supreme Court lifted the federal prohibition on sports betting outside of Nevada, New Jersey is expected to be the first state to actually offer such wagering. But many states are sure to follow and gambling-related company stocks soared, including the lightly-traded Canterbury Park Holding Corp.
Meanwhile, also in Minnesota, there are some forces mobilizing in opposition to expanded gambling. But in that the state has itself run a massive gambling enterprise in the lottery, it would be next to impossible for Minnesota to not, at some point, legalize sports betting. But it’s also important to note that for every dollar played on the lottery, just .62 cents gets paid back to the winners. This has produced $2.7 billion for the state’s coffers. So moving forward, gambling legislation is always tricky because the state itself is in the business.