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 ruling that could allow states throughout the country to legalise sports betting wagering.
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It has actually backed a 2014 state judgment in New Jersey which allows sports betting wagering in gambling establishments and at horse racing tracks.
The court likewise overruled a 1992 federal law banning sports betting gambling.
The news sent out the share prices of gambling stocks in the US and UK rising, including Britain's William Hill and Paddy Power.
Several significant US sports betting bodies had opposed the relocation, including the National Basketball Association.
The National Collegiate Athletic Association said it was a hazard to the "integrity of athletic competition".
However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting gambling needs a crucial policy option, but the option is not ours to make.
"Congress can regulate sports betting directly, but if it elects not to do so, each state is complimentary to act upon its own."
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Winners and losers
Shares in UK-based bookies got on the judgment. Paddy Power Betfair's share cost rose 10.5%, 888 Holdings jumped 14%, William Hill's stock got 9.4% and GVC Holdings rallied 6%.
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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 cost fall by 2% on the possibility of competitors from new entrants to sports betting.
The Supreme Court choice overrules the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that prohibited sports betting in many states.
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It is only allowed just a few states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.
Neil Wilson, primary market analyst at markets.com, stated that William Hill stands to get the most following the ruling due to the fact that it "can roll out sports betting operations quite swiftly from Nevada, where it currently operates and has very strong market presence".
He included that the company likewise has a New Jersey operation "that is primed and ready to start taking bets within days".
Paddy Power Betfair has an existence in the US through TVG, among the country's most significant online horse racing services.
Betfair purchased TVG in 2009 for $50m before it went on to merge with Paddy Power.
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Paddy Power Betfair also operates an online gambling establishment and horse race sports betting organization in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
pkuvirgie37945 edited this page 2025-01-01 18:16:35 +00:00