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 ruling that could allow states across the nation to legalise sports betting.
It has endorsed a 2014 state ruling in New Jersey which allows sports betting in casinos and at horse racing tracks.
The court also overruled a 1992 federal law prohibiting sports betting.
The news sent out the share prices of gambling stocks in the US and UK surging, consisting of Britain's William Hill and Paddy Power.
Several major US sports betting bodies had opposed the relocation, consisting of the National Basketball Association.
The National Collegiate Athletic Association said it was a hazard to the "integrity of athletic competition".
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.
"Congress can regulate sports betting gambling straight, but if it chooses not to do so, each state is totally free to act on its own."
Winners and losers
Shares in UK-based bookmakers jumped on the judgment. Paddy Power Betfair's share rate rose 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 rose by 5.73%.
But Wynn Resorts, the Nevada-based hotels and casino operator, saw its share rate fall by 2% on the prospect of competitors from brand-new entrants to sports betting wagering.
The Supreme Court decision overrules the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that prohibited sports betting in a lot of states.
It is just enabled in just a few states, including 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 because it "can present sports betting operations pretty quickly from Nevada, where it already operates and has really strong market existence".
He included that the company also has a New Jersey operation "that is primed and ready to begin taking bets within days".
Paddy Power Betfair has a presence in the US through TVG, among the country's most significant online horse racing businesses.
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 wagering business in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
eulacarl475815 edited this page 2025-01-02 10:46:17 +00:00