US ruling opens method for states-wide sports betting wagering
14 May 2018
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The US Supreme Court has made a landmark judgment that might enable states across the nation to legalise sports betting wagering.
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It has endorsed a 2014 state ruling in New Jersey which allows sports betting wagering in gambling establishments and at tracks.
The court likewise overruled a 1992 federal law banning sports betting gambling.
The news sent the share rates of gambling stocks in the US and UK surging, consisting of Britain's William Hill and Paddy Power.
Several significant US sports betting bodies had opposed the relocation, including the National Basketball Association.
The National Collegiate Athletic Association stated it was a threat 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 essential policy option, however the option is not ours to make.
"Congress can manage sports betting straight, however 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 cost increased 10.5%, 888 Holdings jumped 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 price fall by 2% on the possibility 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 prohibited sports betting in a lot of states.
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It is just allowed just a few states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.
Neil Wilson, primary market analyst at markets.com, said that William Hill stands to get the most following the ruling due to the fact that it "can roll out gambling operations quite quickly from Nevada, where it already operates and has very strong market existence".
He added that the company also 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, one of the country's most significant online horse racing companies.
Betfair purchased TVG in 2009 for $50m before it went on to merge with Paddy Power.
Paddy Power Betfair also operates an online gambling establishment and horse race wagering service in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
starhildebrand edited this page 2025-01-02 14:17:53 +08:00