US ruling opens method 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 enable states across the country to legalise sports betting wagering.
It has a 2014 state ruling in New Jersey which permits sports betting in gambling establishments and at horse racing tracks.
The court also overruled a 1992 federal law banning sports betting.
The news sent the share costs of sports betting 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 move, consisting of the National Basketball Association.
The National Collegiate Athletic Association stated it was a threat to the "stability of athletic competition".
However, Justice Samuel Alito composed on behalf of the Supreme Court: "The legalisation of sports betting requires an essential policy option, but the option is not ours to make.
"Congress can control sports betting gambling directly, but if it chooses not to do so, each state is totally free to act upon 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 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.
The Supreme Court choice overrules the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that forbade sports betting wagering in most states.
It is just enabled in only a couple of states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.
Neil Wilson, chief market analyst at markets.com, said that William Hill stands to acquire the most following the judgment due to the fact that it "can present gambling operations quite promptly from Nevada, where it already runs and has really strong market presence".
He added that the company also has a New Jersey operation "that is primed and prepared to start taking bets within days".
Paddy Power Betfair has an existence in the US through TVG, one of the nation's greatest online horse racing companies.
Betfair bought TVG in 2009 for $50m before it went on to combine with Paddy Power.
Paddy Power Betfair likewise 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
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