US ruling opens way for states-wide sports betting wagering
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14 May 2018
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The US Supreme Court has made a landmark ruling that might allow states across the nation to legalise sports betting wagering.
It has endorsed a 2014 state ruling in New Jersey which allows in gambling establishments and at horse racing tracks.
The court also overruled a 1992 federal law prohibiting sports betting gaming.
The news sent the share costs of gambling stocks in the US and UK rising, consisting of Britain's William Hill and Paddy Power.
Several significant US sports betting bodies had actually opposed the relocation, consisting of the National Basketball Association.
The National Collegiate Athletic Association stated it was a risk to the "stability of athletic competitors".
However, Justice Samuel Alito composed on behalf of the Supreme Court: "The legalisation of sports betting needs a crucial policy option, but the option is not ours to make.
"Congress can regulate sports betting gambling directly, but if it chooses not to do so, each state is free to act upon its own."
Winners and losers
Shares in UK-based bookmakers got on the judgment. Paddy Power Betfair's share price rose 10.5%, 888 Holdings jumped 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 gambling establishments 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 competition from brand-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 the majority of states.
It is just allowed 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 gain the most following the ruling because it "can roll out gambling operations pretty quickly from Nevada, where it already operates and has extremely strong market existence".
He added that the business also has a New Jersey operation "that is primed and all set to begin taking bets within days".
Paddy Power Betfair has an existence in the US through TVG, among the country's biggest online horse racing businesses.
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Betfair purchased TVG in 2009 for $50m before it went on to combine with Paddy Power.
Paddy Power Betfair also runs an online casino and horse race sports betting company in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
chelseyayj5911 edited this page 2025-01-17 07:43:37 +08:00