US ruling opens way for states-wide sports betting wagering
14 May 2018
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The US Supreme Court has made a landmark ruling that could enable states across the nation to legalise sports betting.
It has backed a 2014 state ruling in New Jersey which allows sports betting wagering in casinos and at horse racing tracks.
The court likewise overruled a 1992 federal law prohibiting sports betting.
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The news sent out the share rates of sports betting stocks in the US and UK rising, including Britain's William Hill and Paddy Power.
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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 threat to the "stability of athletic competitors".
However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting needs an important policy option, however the choice is not ours to make.
"Congress can gambling straight, but if it elects not to do so, each state is complimentary to act upon its own."
Winners and losers
Shares in UK-based bookmakers got on the ruling. Paddy Power Betfair's share price 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 gambling establishments rose by 5.73%.
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But Wynn Resorts, the Nevada-based hotels and casino operator, saw its share price fall by 2% on the possibility of competition from new entrants to sports betting wagering.
The Supreme Court choice strikes down the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that prohibited sports betting wagering 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 analyst at markets.com, stated that William Hill stands to gain the most following the judgment due to the fact that it "can present gambling operations pretty quickly from Nevada, where it currently runs and has very strong market existence".
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He added that the business likewise has a New Jersey operation "that is primed and ready to start taking bets within days".
Paddy Power Betfair has a presence in the US through TVG, one of the country's greatest online horse racing services.
Betfair purchased 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 wagering service in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
Pamela Stage edited this page 2025-01-15 17:57:11 +00:00