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

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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Cramer Says the Market Is Treacherous Right Now and We Need Some Stabilization in TechHowever, the carnage in tech is not being reflected as much in the Dow because of the recent strength in banks, CNBC’s Jim Cramer said Monday. Can we get some insight from someone who actually knows something about finance? This guy sucks. This guy, right? “Bear Stearns is fine, don’t take your money out.” Get the Feds to print you some more money so the market can go back to playing.
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