US judgment opens method for states-wide sports betting wagering
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14 May 2018
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The US Supreme Court has made a landmark ruling that might permit states across the country to legalise sports betting wagering.
It has endorsed a 2014 state judgment in New Jersey which sports betting in casinos and at horse racing tracks.
The court also overruled a 1992 federal law banning sports betting.
The news sent the share rates of sports betting stocks in the US and UK rising, including Britain's William Hill and Paddy Power.
Several significant US sports betting bodies had actually opposed the move, consisting of the National Basketball Association.
The National Collegiate Athletic Association stated it was a threat to the "integrity of athletic competitors".
However, Justice Samuel Alito composed on behalf of the Supreme Court: "The legalisation of sports betting gambling needs an essential policy option, however the option is not ours to make.
"Congress can manage sports betting straight, but if it chooses not to do so, each state is complimentary to act on its own."
Winners and losers
Shares in UK-based bookies got on the ruling. Paddy Power Betfair's share rate increased 10.5%, 888 Holdings leapt 14%, William Hill's stock acquired 9.4% and GVC Holdings rallied 6%.
In the US, shares in Churchill Downs, which owns horse race tracks and gambling establishments rose by 5.73%.
But Wynn Resorts, the Nevada-based hotels and casino operator, saw its share rate fall by 2% on the possibility of competition from new entrants to sports betting.
The Supreme Court decision overrules the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that prohibited sports betting in many states.
It is only enabled in just a few states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.
Neil Wilson, chief market analyst at markets.com, said that William Hill stands to acquire the most following the judgment because it "can present gambling operations quite promptly from Nevada, where it already runs and has really strong market presence".
He included that the company also has a New Jersey operation "that is primed and all set to begin taking bets within days".
Paddy Power Betfair has a presence in the US through TVG, one of the nation's biggest online horse racing organizations.
Betfair purchased TVG in 2009 for $50m before it went on to merge with Paddy Power.
Paddy Power Betfair also runs an online casino and horse race sports betting service in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
dorcasevatt362 edited this page 2025-01-08 05:15:32 +00:00