Californians can now order marijuana deliveries via an app named Eaze, even though the US attorney-general hates drugs. New Jerseyans should soon be able to gamble on sports events, despite a federal law that attempted to block it. Hurrah for vesting power in the states, and to the Supreme Court for defending that right when it ruled it was unconstitutional to prevent New Jersey legalising sports gambling. Now, where should investors bet? As Warren Buffett said of investing in the early car industry, the better option was to short horses. Here, the obvious call is to short the Mafia, which has operated sports books in the absence of legitimate alternatives, but that is difficult to do and probably unwise. To pick winners, investors immediately gravitated to operators that had already wagered on legalisation. Back in 2013 UK gambling company William Hill, whose shares rose 11%, invested in a venture with a New Jersey racetrack: a William Hill-branded bar is just waiting to be able to...

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