US ruling opens way for states-wide sports betting

14 May 2018

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The US Supreme Court has made a landmark ruling that could enable states across the country to legalise sports betting wagering.
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It has actually endorsed a 2014 state ruling in New Jersey which allows sports betting in gambling establishments and at horse racing tracks.

The court likewise overruled a 1992 federal law prohibiting sports betting.
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The news sent the share costs of gambling stocks in the US and UK surging, including Britain's William Hill and Paddy Power.

Several significant US sports betting bodies had actually opposed the move, including the National Basketball Association.

The National Collegiate Athletic Association said it was a risk to the "integrity of athletic competition".

However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting gambling needs an important policy option, however the choice is not ours to make.

"Congress can control sports betting gambling directly, but if it elects not to do so, each state is totally free to act upon its own."

Winners and losers

Shares in UK-based bookies got on the judgment. Paddy Power Betfair's share cost rose 10.5%, 888 Holdings leapt 14%, William Hill's stock got 9.4% and GVC Holdings rallied 6%.

In the US, shares in Churchill Downs, which owns horse race tracks and casinos increased by 5.73%.

But Wynn Resorts, the Nevada-based hotels and casino operator, saw its share cost fall by 2% on the prospect of competition from new entrants to sports betting wagering.

The Supreme Court choice strikes down the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that restricted sports betting in a lot of states.
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It is just enabled in just a few states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.

Neil Wilson, chief market expert at markets.com, said that William Hill stands to acquire the most following the judgment because it "can roll out sports betting operations pretty swiftly from Nevada, where it currently operates and has market existence".

He included that the company also has a New Jersey operation "that is primed and prepared to start taking bets within days".

Paddy Power Betfair has an existence in the US through TVG, one of the nation's most significant online horse racing businesses.

Betfair purchased TVG in 2009 for $50m before it went on to merge with Paddy Power.

Paddy Power Betfair likewise operates an online casino and horse race sports betting business in New Jersey.

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