US judgment opens way for states-wide sports betting wagering
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14 May 2018
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The US Supreme Court has actually made a landmark judgment that could allow states throughout the nation to legalise sports betting .
It has actually backed a 2014 state ruling in New Jersey which permits sports betting in gambling establishments and at horse racing tracks.
The court also struck down a 1992 federal law prohibiting sports betting gambling.
The news sent the share rates of gambling 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, 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 composed on behalf of the Supreme Court: "The legalisation of sports betting requires a crucial policy option, but the option is not ours to make.
"Congress can manage sports betting gambling 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 bookies leapt on the ruling. Paddy Power Betfair's share rate 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 gambling establishments rose by 5.73%.
But Wynn Resorts, the Nevada-based hotels and casino operator, saw its share price fall by 2% on the prospect of competition from new entrants to sports betting wagering.
The Supreme Court decision overrules the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that restricted sports betting wagering in a lot of states.
It is only allowed just a couple of states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.
Neil Wilson, primary market analyst at markets.com, stated that William Hill stands to gain the most following the judgment because it "can roll out sports betting operations pretty promptly from Nevada, where it already operates and has very strong market existence".
He included that the company likewise 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, among the country's greatest online horse racing companies.
Betfair bought TVG in 2009 for $50m before it went on to merge with Paddy Power.
Paddy Power Betfair also operates 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
Jody Monte edited this page 2025-01-08 13:39:16 +01:00