2020 could be the year that sports gambling takes off, to the benefit of these stocks

Twenty states have legalized sports betting in recent years and several others are trying to join the club.

"While we believe investors are generally aware of the opportunity, the stocks don't appear to be discounting it," says a Morgan Stanley analyst. Pennsylvania made sports gambling legal in 2017. New Jersey joined Pennsylvania in June 2018. More recently, Michigan's state government signed into law a series of bills that will allow residents to wager on sporting events next year. Montana, North Carolina and West Virginia are also among the 20 states that have legalized sports betting.

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