US ruling opens way for states-wide sports betting wagering
14 May 2018
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The US Supreme Court has actually made a landmark ruling that could permit states throughout the country 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.
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The court also struck down a 1992 federal law banning sports betting gambling.
The news sent the share prices of sports betting stocks in the US and UK surging, including Britain's William Hill and Paddy Power.
Several significant US sports betting bodies had actually opposed the relocation, including the National Basketball Association.
The National Collegiate Athletic Association stated it was a danger to the "stability of athletic competition".
However, Justice Samuel on behalf of the Supreme Court: "The legalisation of sports betting requires an essential policy choice, however the option is not ours to make.
"Congress can manage sports betting 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 bookies leapt on the judgment. 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 casinos rose by 5.73%.
But Wynn Resorts, the Nevada-based hotels and casino operator, saw its share cost fall by 2% on the prospect 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 prohibited sports betting in most states.
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It is only allowed in just a couple of states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.
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Neil Wilson, chief market expert at markets.com, stated that William Hill stands to gain the most following the judgment because it "can present sports betting operations quite promptly from Nevada, where it already runs and has very strong market existence".
He included that the business likewise has a New Jersey operation "that is primed and all set to begin taking bets within days".
Paddy Power Betfair has an existence in the US through TVG, among the country's most significant online horse racing companies.
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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
ftlkathaleen46 edited this page 2025-01-02 11:37:47 +00:00