US judgment opens way for states-wide sports betting
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14 May 2018
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The US Supreme Court has actually made a landmark ruling that could permit states throughout the nation to legalise sports betting wagering.
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It has backed a 2014 state in New Jersey which allows sports betting in casinos and at horse racing tracks.
The court likewise overruled a 1992 federal law prohibiting sports betting gambling.
The news sent the share prices of sports betting stocks in the US and UK rising, including Britain's William Hill and Paddy Power.
Several major US sports betting bodies had actually opposed the move, including the National Basketball Association.
The National Collegiate Athletic Association said it was a danger to the "integrity of athletic competition".
However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting gambling requires a crucial policy option, however the option is not ours to make.
"Congress can manage sports betting gambling directly, but if it chooses 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 price increased 10.5%, 888 Holdings leapt 14%, William Hill's stock got 9.4% and GVC Holdings rallied 6%.
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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 gambling establishment operator, saw its share price fall by 2% on the possibility of competition from new entrants to sports betting wagering.
The Supreme Court decision strikes down the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that prohibited sports betting in most states.
It is only allowed only a few states, consisting of 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 due to the fact that it "can roll out sports betting operations pretty swiftly from Nevada, where it currently runs and has very strong market presence".
He included that the company also has a New Jersey operation "that is primed and all set to start taking bets within days".
Paddy Power Betfair has a presence in the US through TVG, among the nation's biggest online horse racing companies.
Betfair bought TVG in 2009 for $50m before it went on to combine with Paddy Power.
Paddy Power Betfair likewise runs an online gambling establishment and horse race sports betting organization in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
vetacamp151532 edited this page 2025-01-02 12:00:05 +01:00