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In Pennsylvania, it's been 26 years since the last legal bet was placed on a game, play, or point spread.
That is, until two weeks ago.
On Nov. 15, a local resident walked into the Hollywood Casino at Penn National near Harrisburg and put $20 on the Pittsburgh Steelers to win the 2018 Super Bowl.
Of course, it's too early to tell how his bet will fare.
But it's not too early to see the excitement surrounding the newest addition to casinos.
You see, this isn't the pen-and-paper operation at the corner candy store where your father used to place his bets. Gamblers log their bets at high-tech kiosks without ever talking to a person, saving time and minimizing mistakes.
There are additional kiosks where patrons can customize their screens so they're only watching the games they choose. The screen shows in-play odds, and wagers can be placed directly onto the screen.
Three more Pennsylvania casinos are preparing to open their sportsbooks in the next few weeks.
Fact is, it's never been easier to bet on sports.
You see, in May, the Supreme Court backed the state of New Jersey's bid to legalize sports gambling by overturning a 1992 federal law that had prohibited states – besides Nevada – from legalizing sports gambling.
Now, it's up to individual states whether to legalize sports betting.
Since the Supreme Court ruling, seven states have legalized sports betting – and at least 14 more states are considering legalization.
Two weeks following Pennsylvania's big move, Rhode Island opened its first legal sportsbook at Twin River Casino – making it the last of the initial seven legalized states to go "live" with sports gambling.
In the next six months, Rhode Island could be looking at $11.6 million in new revenue from sports betting – and Pennsylvania is looking at considerably more than that.
Legal sports betting has many fans excited. Before the federal ban was lifted, many placed their bets on shady, slow-to-pay websites. On top of that, the check usually came from an offshore company – an obvious red flag at the bank.
Now, sports betters won't have to worry about the concerns that come with illegal gambling.
Maybe you're not ready to put money on your favorite football team or wager on who will score the first points in March Madness – but you're an investor who wants a way in on this brand-new industry. We're talking about a months-old sector that has the potential to skyrocket from $4 billion to $6 billion all the way to $400 billion in the next few years (the current size of the illegal U.S. sports betting market).
Well, if you play this new industry our way, you'll find it hard to lose.
About the Author
Michael A. Robinson is a 36-year Silicon Valley veteran and one of the top tech and biotech financial analysts working today. That's because, as a consultant, senior adviser, and board member for Silicon Valley venture capital firms, Michael enjoys privileged access to pioneering CEOs, scientists, and high-profile players. And he brings this entire world of Silicon Valley "insiders" right to you...
- He was one of five people involved in early meetings for the $160 billion "cloud" computing phenomenon.
- He was there as Lee Iacocca and Roger Smith, the CEOs of Chrysler and GM, led the robotics revolution that saved the U.S. automotive industry.
- As cyber-security was becoming a focus of national security, Michael was with Dave DeWalt, the CEO of McAfee, right before Intel acquired his company for $7.8 billion.
This all means the entire world is constantly seeking Michael's insight.
In addition to being a regular guest and panelist on CNBC and Fox Business, he is also a Pulitzer Prize-nominated writer and reporter. His first book Overdrawn: The Bailout of American Savings warned people about the coming financial collapse - years before the word "bailout" became a household word.
Silicon Valley defense publications vie for his analysis. He's worked for Defense Media Network and Signal Magazine, as well as The New York Times, American Enterprise, and The Wall Street Journal.
And even with decades of experience, Michael believes there has never been a moment in time quite like this.
Right now, medical breakthroughs that once took years to develop are moving at a record speed. And that means we are going to see highly lucrative biotech investment opportunities come in fast and furious.
To help you navigate the historic opportunity in biotech, Michael launched the Bio-Tech Profit Alliance.
His other publications include: Strategic Tech Investor, The Nova-X Report, Bio-Technology Profit Alliance and Nexus-9 Network.