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Sanchez: Yeah, the most developed market is Europe. I believe the U.K. is probably the best regulated online. Well, gambling is legal across Italy.


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There's a lot of speculation on, well, what's the path forward? And you know, Nevada, this is a sports betting market that's been around for decades.

Online gambling has been around for decades globally. Sciple: Right. Australia is actually best stocks for legalized gambling really big gambling market. Nick Sciple: Welcome to Industry Focus. Other states have a presence of a lot of Native American casinos and, you know, there's pushback from the tribes in terms of what they're willing to allow to happen.

So one example is the New Jersey-Pennsylvania model, which basically says, if you're geographically located in the state of New Jersey, you know, anything goes. As far as the U. When it comes to legalization, obviously, every state has the opportunity to take an approach that is unique to their own framework to regulate their markets.

If you carry that logic even further, you could say, if legalization were to take place given the environment we're in today, probably a best stocks for legalized gambling bit more likely to permit online gambling with less of those in-person restrictions.

And a lot of people actually do expect New York to eventually go through with online gambling legalization, but maybe this is like a baby step, you know, they want to experiment with having sports betting done in person first, and then if it goes well and there's no issues, then maybe in, like, a couple of years they'll legislate it online.

What can we really expect as this trend kind of develops? One important thing to consider is a lot of these states already have regional casinos, and they're worried about cannibalizing those existing casinos.

The first thing that you need in the U.

You can go to a casino, you can go to Atlantic City and place a wager in person or you could sign up for the FanDuel or the DraftKings app and place a wager there. And right now, the biggest catalyst is the U. Learn about some of the local and international players, their operations, and how they are developing and using their expertise to gain an upper hand in this space. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. So I think at this point there are 12 states that have legalized some form of sports gambling, and there's some nuances and differences between the states. So again, adds a little bit of a tailwind to this market, is that enough to really change the thesis for some of these companies? So you go to a market like the U. And outside of the U. And while allowing fewer licenses will limit maybe the number of operators, it'll actually help the regulators more carefully monitor how the market is developing and also more carefully monitor that idea of socially responsible gambling, which is a pretty big issue. There's other states where they've limited sports gambling to just in person. And of those 12, I think only, like, 5 or 6 live today. To get started investing, check out our quick-start guide to investing in stocks. Well, gambling is legal across Italy, Spain, the U. So then logically we can probably conclude that 42 states is probably the higher end of what we could expect in terms of which states are likely to then go a step further and legalize sports gambling. And so that could be a driver for this market. I know this is an area in the market that you've really been focused on, particularly over the past month. I think to a certain extent, some of this is black market, people that were otherwise gambling that is now becoming a more transparent part of the market. So when it comes to a potential opportunity to invest in this market as an investor, kind of, high level, where are the buckets that you could go put your money into if you wanted to go invest in this market today, where are the opportunities to do so? So the first really interesting thing I'll point out here is that the most experienced operators are all European companies, just because that's the most developed market. So there are some states that have already legalized both online sports and online casinos, and New Jersey and Pennsylvania are two examples of that. A lot of these other industries or these other markets have been around for decades, and are really, probably, at a mature state. So New York and Mississippi are two examples of states like that. I think the right way to think about this market is it's not really, you can't really view the U. I guess the push and pull of this though is that, you know, what's happened with the economy, a lot of states are actually feeling more pressure to legalize sports gambling and iGaming to get the tax revenues, whereas a year ago, people were talking about one set of assumptions over how large this market could be. And you mentioned some of these black and gray markets outside of the U. A full transcript follows the video. I guess states need the tax revenue as the economy slows down, and this offers ready access to that. What's the nature of this industry? Sciple: Yeah. And then, you know, really, it's a very global industry. And I guess there were already some arguments out there, you know, even before coronavirus, that states shouldn't leave this tax revenue on the table and allow their neighbors access to that. So if we think that in the next 10 years, 30 to 40 states would probably legalize online sports gambling, you know, it's probably a good assumption to make that maybe 20 to 30 states could probably legalize iGaming. You know, I would expect it to be less than the number of states that would legalize sports gambling for those reasons. And I think that's something we can certainly talk about later. When you look at the online gaming industry today, how big is it? In Latin America, you kind of see the same thing. There's actually also some weird gray markets in Europe, like I think Germany is technically not legal but the companies still operate there and they pay their taxes, which is interesting. And just kind of given the nature of iGaming and iCasino, that's actually a more profitable source of tax revenue for states. And as you would probably expect, just because of that obvious limitation, it's been a lot slower to take off in a state like New York or Mississippi. And, kind of, last thing on the regulatory aspect and how we should think about that before we get into some of these companies operating in this space. Luis, welcome back on the podcast. Sanchez: Just to make one more comment on the global industry, the really big theme there is really this transition from offline to online, and that's really been the biggest driver of, I guess, the most interesting way to invest. The guys also share some online gambling stocks to put on your watch list and much more. New Jersey and Pennsylvania in particular, very mature markets. I think the biggest one is, how many licenses the state will allow. New Jersey and Pennsylvania are really leading the way. You raised the idea of one of the constraints to uptake in some of these jurisdictions has been this need to either go in-person to register so you can bet online or perhaps only bet in a physical casino. As we look outside of these early-adopter states, Luis, where do we see continued opportunities for growth, where are the hurdles for this market to continue growing? So for example, if a state only grants two or three online licenses, well, that's going to limit the market in some ways, whereas in other states, they might kind of just be a little bit more aggressive and just allow maybe like a couple dozen. Sciple: Great to have you on, Luis. We mentioned earlier this idea that maybe because of coronavirus, states are more likely to legalize to gain access to revenue. No, but something to think about when it comes to the potential opportunity for the business. So assumptions across the board, they seem to be getting more bullish on the prospect for legalization in these different forms of gambling. I mean, you see these numbers coming out of New Jersey, [laughs] and by some measures, the New Jersey sports betting market had surpassed Nevada within this very short period of time. Sciple: This is like roulette, blackjack, craps, those sorts of things, the types of games that you would play in a casino that is available in an online format through your phone like a mobile game. And then there's other interesting nuances around how regulation could play out. And going back to that thought of how many states at maturity could legalize iGaming? And since that rule has been overturned, we've seen, I think, about six states go full legalization of sports, meaning some form of in-person or some form of online. And then the way that manifests, it's just a lot of different ways, a lot of different approaches that states have taken. And there's really multiple pieces you need to establish an online gambling operation. You really have to look at it as 50 different online gambling markets, because each state is very different in a number of ways. So for these operators in the space, how should we think about the complications of navigating potentially dozens of different, unique regulatory environments? I believe the U. Sanchez: Yeah. So I think that's just a really interesting global theme. I'm Nick Sciple, today I'm joined by Motley Fool contributor Luis Sanchez who's here to help me break down the current state of the online gaming industry. I think one of the big catalysts for growth here is just kind of a rethinking of, well, you know, maybe on the margin, we could actually get more states legalize gambling and we could actually see that happen quicker. And a lot of those companies are trying to set up shop in the U. And if you just look at how fast the market's grown in New Jersey and Pennsylvania, you know, you could really get a sense for why everyone is so excited for what's going to happen when more states join the party. And then there's in-between rules, where, for example, in Illinois, they had a rule where you could gamble online and you could open an account, but you had to register the account in person. So just kind of bring that opportunity to the forefront. I know a lot of people, particularly in the U. So some of those states are still coming online. What are we seeing there when it comes to growth? So there's some cultural nuances around how widely adopted iGaming will be legalized, because I think people are a lot more empathetic to legalizing sports gambling, it tends to be a less addictive activity because, you know, you have to wait for a sports event, so you can't just sit around and, you know, run a bunch of sports, that's typically -- whereas iGaming, online casino is something where it can really bring out the worst in a gambling addict. And the best framework I've seen for trying to figure this out is really to look at what happened with the daily fantasy sports industry, which I think has been going on for about 10 years in the U. So to see that growth that quickly just reflects the demand that has been underlying in that market. Sanchez: Yeah, exactly. In Asia, there's a few places that are legal, there's a few places that are gray. But it's important to note, this is a global industry that's been around for decades. And then there's also, you know, in addition to sports gambling, there's this whole other online form of gambling which people refer to as online casino or iGaming. Sanchez: Yeah, the most developed market is Europe. So this is like a theme that we've seen play out in a lot of other industries, whether it's retail and the transition to e-commerce or, you know, name your industry that's becoming digitized. So that's definitely an area of online gambling where states are a lot more careful around legalization.