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US judgment opens method for states-wide sports betting wagering
14 May 2018
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The US Supreme Court has made a judgment that could permit states across the country to legalise sports betting.
It has backed a 2014 state ruling in New Jersey which allows sports betting in gambling establishments and at horse racing tracks.
The court also overruled a 1992 federal law prohibiting sports betting.
The news sent the share prices of sports betting stocks in the US and UK surging, including Britain's William Hill and Paddy Power.
Several major US sports betting bodies had opposed the relocation, including the National Basketball Association.
The National Collegiate Athletic Association said it was a danger to the "integrity of athletic competitors".
However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting gambling requires a crucial policy choice, however the choice is not ours to make.
"Congress can manage sports betting straight, but if it chooses not to do so, each state is free to act on its own."
Winners and losers
Shares in UK-based bookmakers got on the judgment. Paddy Power Betfair's share price 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 casinos rose by 5.73%.
But Wynn Resorts, the Nevada-based hotels and casino operator, saw its share cost fall by 2% on the prospect of competitors from brand-new entrants to sports betting.
The Supreme Court decision strikes down the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that forbade sports betting in most states.
It is just permitted in just a couple of states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.
Neil Wilson, primary market expert at markets.com, said that William Hill stands to get the most following the ruling since it "can present gambling operations pretty quickly from Nevada, where it currently runs and has extremely strong market existence".
He added that the company likewise 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 greatest online horse racing organizations.
Betfair bought TVG in 2009 for $50m before it went on to merge with Paddy Power.
Paddy Power Betfair also runs an online gambling establishment and horse race sports betting business in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
montehavelock8 edited this page 2025-01-02 00:05:48 +00:00