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Cramer Says Wait for Industry Consolidation Before Buying Online Sports Gambling Stocks

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“Until we see fewer promotional deals and more M&A deals, these online sports gambling stocks … are very difficult to own,” the “Mad Money” host said.

Cramer's comments Monday come in response to a major milestone Saturday, when mobile sports betting officially became legal in New York, the most-populous U.S. state in which that's occurred. The first four waging operators to meet regulatory requirements and begin accepting bets wereAn additional five operators are still in the process of meeting all the legal requirements, the Associated Press reported.

"These online gambling companies are throwing money at people in order to win market share," Cramer said, referring to the advertising and promotional blitz that's happening in New York."If the industry's already this competitive with four players, imagine the deals you'll get when there are nine." Another factor to consider is New York's"astronomical" 51% tax rate on revenue to which the the online sportsbook operators will be subject, Cramer said.

"Before you can think about buying the sports gambling stocks, I think we do need to see consolidation. We need to see some companies taken out," he said.Disclaimer

 

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