Welcome to the latest episode of the Full-Court Finance podcast from Zacks Investment Research where Associate Stock Strategist Ben Rains breaks down the current state of legalized sports betting in the U.S. after MLB partnered with MGM Resorts MGM. The episode then dives into the world of sportswear and sneakers after another historic apparel firm jumped back into the business of basketball.The American Gaming Association estimates that more than $150 billion is bet on sports illegally every year in the U.S. This means we could soon see more than the eight states that currently offer legalized sports gambling enter the market.The likes of FanDuel, which is owned by Paddy Power BetFair PDYPY, Caesars CZR, MGM, William Hill WIMHY, and others have all jumped into the online sports betting industry in New Jersey. Going forward, live in-gaming betting looks poised to drive the sports betting market in our mobile age. This is part of the reason why MLB became the third major North American professional sports league to partner with MGM."Our research is really strong on the idea that sports gaming is an important source of fan engagement and we operate in a competitive environment and we have to take advantage of every opportunity to drive engagement by our fans," MLB Commissioner Rob Manfred said in a release.Going forward, it will be interesting to see if companies like Facebook FB, Twitter TWTR, or Google GOOGL possibly enter the sports betting business because of their massive user bases and infrastructure. Maybe more likely, however, would be an influx of young tech-focused sports betting startups that try to shake up the traditional gaming giants’ current control over the market.Meanwhile, privately-owned New Balance is ready to jump back into the basketball shoe market after the sportswear firm reportedly signed NBA star Kawhi Leonard last week. The move follows Puma’s splash announcement to get back into the NBA this summer after nearly 20 years away from the sport. New Balance and Puma will try to grab some market share from Nike NKE, Adidas ADDYY, and third-place Under Armour UAA.With that said, performance shoe sales have slipped, and the current sportswear market seems to favor athleisure firms such as Lululemon LULU. Yet, these companies might try to capitalize on the current retro trend, which could actually favor Nike and Adidas.As a reminder, if you feel that we missed something, or if you have any topic suggestions, shoot us an email at podcast@zacks.com. Make sure to check out all of our other audio content at zacks.com/podcasts, and remember to subscribe and leave us a rating wherever you listen to your podcasts.Wall Street’s Next AmazonZacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.Click for details >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MGM Resorts International (MGM): Free Stock Analysis Report Caesars Entertainment Corporation (CZR): Free Stock Analysis Report Facebook, Inc. (FB): Free Stock Analysis Report Alphabet Inc. (GOOGL): Free Stock Analysis Report Twitter, Inc. (TWTR): Free Stock Analysis Report lululemon athletica inc. (LULU): Free Stock Analysis Report NIKE, Inc. (NKE): Free Stock Analysis Report Adidas AG (ADDYY): Free Stock Analysis Report Under Armour, Inc. (UAA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research