Meanwhile, he's not concerned that there will be an increase in the potential for game fixing or gambling addiction. In fact, he said legalizing it will help curb those problems.
"Today it's an illegal market and it's not monitored properly," he said. "We actually think it will clean up the game and clean up sports betting."
According to the American Gaming Association, at least $150 billion a year is wagered illegally on sports.
Several casino stocks rose on the news Monday, including Caesars and MGM Resorts International.
MGM is also ready to jump into the game, CEO Jim Murren told CNBC on Monday.
"We have already established the architecture to deploy sports betting as soon as the states allow us to do that," he said on "Power Lunch."'
Murren believes the end result would be "hundreds of millions of dollars in profit to the company."
Caesars and MGM are not alone in expecting a big boom in business.
According to Bank of America Merrill Lynch, the ruling will significantly boost the sales of several gaming-related companies.
"We expect operator margins to be low but see upside for all of regional gaming, while gaming tech could be a key beneficiary," analyst Shaun Kelley wrote in a note to clients.
He predicts the industry's gross gaming revenue from sports betting could rise to $5 billion to $10 billion in five years versus the $200 million current size today.
Shares of Caesars were up 1.4 percent on Tuesday.
— CNBC's Tae Kim and Michael Sheetz contributed to this report.