US ruling opens way for states-wide sports betting
14 May 2018
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The US Supreme Court has actually made a landmark judgment 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 likewise struck down a 1992 federal law banning sports betting.
The news sent out 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 opposed the move, including the National Basketball Association.
The National Collegiate Athletic Association said it was a hazard to the "integrity of athletic competition".
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However, Justice Samuel 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.
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"Congress can manage sports betting gambling directly, however if it elects not to do so, each state is free to act on its own."
Winners and losers
Shares in UK-based bookmakers got on the ruling. Paddy Power Betfair's share cost increased 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 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.
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The Supreme Court choice strikes down the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that forbade sports betting in most states.
It is only allowed just a couple of states, including 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 because it "can roll out sports betting operations pretty promptly from Nevada, where it already runs and has really strong market existence".
He included that the business 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, one of the country's biggest online horse racing organizations.
Betfair bought TVG in 2009 for $50m before it went on to combine with Paddy Power.
Paddy Power Betfair also operates 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
Roseann Shah edited this page 2 weeks ago