Investor Alert

May 14, 2018, 10:40 a.m. EDT

Gaming ETF rallies after Supreme Court ruling on sports gambling

An exchange-traded fund that tracks gaming and casino stocks rallied on Monday, turning sharply higher after the U.S. Supreme Court ruled in favor of New Jersey in a case that could open sports betting around the country. The VanEck Vectors Gaming ETF (NAS:BJK) gained 1.6% and hit its highest level since February. In a 6-to-3 vote, the Supreme Court in Murphy vs. National Collegiate Athletic Association ruled the Professional and Amateur Sports Protection Act doesn't make sports gambling a federal crime. New Jersey has sought to legalize sports gambling schemes in Atlantic City and at horseracing tracks. Among specific stocks, MGM Resorts International (NYS:MGM) rose 1.9% and Caesars Entertainment Corp. (NAS:CZR) was up 5.7%. The Dow Jones Industrial Average (DOW:DJIA) rose 0.6% on Monday, while the S&P 500 (S&P:SPX) rose 0.5% and the Nasdaq Composite Index (AMERICAN:COMP) was up 0.7%.

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