Publicly traded stock in the Braves rose more than 3 percent Monday, an apparent reaction to a U.S. Supreme Court decision that clears the way for states to legalize sports gambling if they choose.
Shares of Liberty Media’s Braves tracking stock (BATRA) closed the day at $24.11 -- up 74 cents, or 3.17 percent, from Friday’s closing price. The stock had been down slightly Monday before the court decision was released.
The court struck down a 1992 federal law that had barred betting on sports in most states. The much-anticipated decision leaves the issue up to individual states. A few states already are in position to begin allowing sports gambling in the coming weeks and months, including New Jersey, which brought the case to the Supreme Court. Other states will have to decide legislatively whether they want to allow it.
While it remains to be seen how many states will authorize sports betting – and how soon and in what manner – the court ruling was viewed by investors as a potential boon for casinos and sports properties.
In addition to the Braves, other sports-related stocks rallied Monday. Madison Square Garden Company, which owns the New York Knicks and Rangers, rose 2.64 percent. Stocks of several casino operators rose sharply.
Dallas Mavericks owner Mark Cuban was among the most bullish on the court decision, saying on CNBC: “I think everybody who owns a … professional sports team (in the top four leagues) just basically saw the value of their team double, at least.”
“I mean, look, it could finally become fun to go to a baseball game again – you know, all that down time,” Cuban added.
But he conceded it’s too early to know exactly how the decision will be applied.
"It really comes down to what the states do," Cuban said, “because how the states handle the implementation and what they allow and whether or not they work together will determine how all of this plays out.”
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TODAY’S LEADOFF LINKS
> Jose Bautista’s three-run homer in the fifth inning proved to be the difference in the Braves’ 6-5 win over the Cubs at Wrigley Field on Monday. See Gabriel Burns’ report here.
> Having hired the right coach, the Hawks now need some lottery luck, Mark Bradley writes.
> Mike Budenholzer’s sudden departure was a surprise to Hawks players, Chris Vivlamore reports.