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Wall St. Bets on Gambling on the Web

Internet casinos are outlaw operations in the eyes of the federal government, but they look like solid investments to many of Wall Street's largest firms.


Morgan Stanley and Goldman Sachs hold shares of BetOnSports; Fidelity, Merrill Lynch and Goldman Sachs are investors in SportingBet.
Blue-chip investment houses like Goldman Sachs, Merrill Lynch and Fidelity now hold hundreds of millions of dollars in shares of online casinos and betting parlors, which are publicly traded on the London Stock Exchange and headquartered in places like Costa Rica or Gibraltar.