Lionel Laurent, Columnist

America a Gambling El Dorado? The Odds Are Long

European investors are getting excited about sports betting in the U.S. They should place their wagers carefully.

July 30, 2018 at 12:45 PM UTC

Lionel Laurent is a Bloomberg Opinion columnist writing about the future of money and the future of Europe. Previously, he was a reporter for Reuters and Forbes.

How big is the pot in U.S. sports betting?
Photographer: Luke Sharrett/Bloomberg

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When Mr. Burns draws up plans for a casino in “The Simpsons,” he thinks he’s found the perfect business: “People swarm in, empty their pockets, and scuttle off.”

Investors in the real world seem equally bullish. Shares in British betting companies GVC Holdings Plc and William Hill Plc have risen 50 percent and 20 percent respectively over the past year, despite a domestic crackdown on highly addictive roulette and poker machines. Yet with a chunk of that enthusiasm riding on anticipated success in the U.S., some caution is warranted.