In his latest for RealMoney, Validea CEO John Reese takes a look at some gambling stocks that he thinks are poised to outperform.

“Gambling has been around for ages, but only in about the last quarter century has it spread (legally) nationwide here in the U.S.,” Reese says. “Just last fall, for instance, New York voters approved a constitutional amendment to allow as many as seven full-scale casinos in the state.”

As more states have allowed casinos, however, profits get stretched thin, Reese notes, saying that “some longtime gambling centers have been hit hard, among them New Jersey and Mississippi.” But he says that “investors still have some nice choices in the gambling patch,” and highlights two companies his Joel Greenblatt-inspired strategy thinks are worth a gamble, including International Game Technology.