US judgment opens method for states-wide sports betting wagering
14 May 2018
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The US Supreme Court has made a landmark ruling that could enable states throughout the country to legalise sports betting.
It has actually endorsed a 2014 state ruling in New Jersey which permits sports betting in gambling establishments and at horse racing tracks.
The court likewise overruled a 1992 federal law gaming.
The news sent the share prices 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, consisting of the National Basketball Association.
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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 important policy option, however the option is not ours to make.
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"Congress can manage sports betting directly, 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 jumped on the judgment. Paddy Power Betfair's share price increased 10.5%, 888 Holdings jumped 14%, William Hill's stock gained 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 gambling establishment operator, saw its share price fall by 2% on the possibility of competitors from brand-new entrants to sports betting.
The Supreme Court choice overrules the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that forbade sports betting wagering in many states.
It is only allowed just a few states, consisting of Nevada, home to Las Vegas, Delaware, Montana and Oregon.
Neil Wilson, chief market expert at markets.com, stated that William Hill stands to acquire the most following the ruling since it "can roll out sports betting operations pretty promptly from Nevada, where it currently operates and has really strong market presence".
He added that the business likewise has a New Jersey operation "that is primed and prepared to begin taking bets within days".
Paddy Power Betfair has a presence in the US through TVG, among the country's greatest online horse racing services.
Betfair purchased TVG in 2009 for $50m before it went on to merge with Paddy Power.
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Paddy Power Betfair also operates an online casino and horse race sports betting business in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
Christena Amaya edited this page 2025-01-16 00:20:51 +00:00