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 made a landmark ruling that could allow states across the nation to legalise sports betting wagering.
It has endorsed a 2014 state ruling 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.
The news sent out the share costs of stocks in the US and UK rising, including Britain's William Hill and Paddy Power.
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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 danger to the "stability of athletic competition".
However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting gambling needs an essential policy choice, but the choice is not ours to make.
"Congress can control sports betting straight, 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 jumped on the judgment. Paddy Power Betfair's share price rose 10.5%, 888 Holdings leapt 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 increased by 5.73%.
But Wynn Resorts, the Nevada-based hotels and casino operator, saw its share cost 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 forbade sports betting wagering in many states.
It is only allowed just a few states, consisting of Nevada, home to Las Vegas, Delaware, Montana and Oregon.
Neil Wilson, chief market analyst at markets.com, stated that William Hill stands to acquire the most following the ruling due to the fact that it "can roll out gambling operations pretty promptly from Nevada, where it already operates and has really strong market presence".
He added that the company likewise 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, among the nation's greatest online horse racing organizations.
Betfair purchased TVG in 2009 for $50m before it went on to merge with Paddy Power.
Paddy Power Betfair likewise runs an online gambling establishment and horse race wagering company in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
sclbart735593 edited this page 2025-01-15 18:49:57 +00:00