The U.S. Supreme Court decision to allow states to legalize sports betting is great news for investors in the sports and gambling industries, billionaire investor Mark Cuban told CNBC on Monday.

"I think everyone who owns a top four professional sports team just basically saw the value of their team double," the owner of the NBA's Dallas Mavericks said in a "Squawk Alley" interview. "It can finally become fun to go to a baseball game again."

"It's easy to see how you'll have fun at the stadium, at the arena or while you're watching —whether its online or traditional platform," added Cuban, a "Shark Tank" host.

On Monday, the court upheld the legality of a 2014 New Jersey law permitting sports betting at casinos and racetracks in the state.

Tilman Fertitta, owner of the Houston Rockets, told CNBC that the ruling will certainly affect the value of the teams, but he's not as bullish as Cuban.

"Do I hope Mark is right? Yes, but I don't think that's where it really is," he said Monday on "Power Lunch."

"Remember, there's already a black market … out there and you're not going to be able to go to a game and bet on a game," said Fertitta, who also owns Golden Nugget Casinos and is host of CNBC's "Billion Dollar Buyer." "Even though this has been pushed back to the states, there is still going to be a lot of federal regulation."

Shares of several casino companies moved higher after the ruling, including Caesars Entertainment, up 6 percent and Penn National Gaming, up 4 percent. Others gaining included MGM Resorts, Boyd Gaming and Churchill Downs. Wynn Resorts stock recaptured some of its losses from earlier in trading, down 1.8 percent on the day.

Cuban, also an investor in esports, said the Supreme Court decision gives states the chance to catch up with other countries who have already allowed sports betting.

"It really comes down to what the states do. How the states handle the implementation and whether or not they work together will determine how all this plays out," Cuban said. "If states are smart, they'll come together and work on a single solution."

He also predicted technology companies such as Amazon and Facebook, not generally associated with sports, could benefit as well.

"With technology, it'll be something that's a new form of entertainment," Cuban said. He doesn't expect this decision will drive chip manufacturers, however.

"This is not like all of a sudden you'll have the need for 10 million miners," he added.

— CNBC's Michael Sheetz and Michelle Fox contributed to this report.

Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank," which features Mark Cuban as a judge.