US judgment opens method for states-wide sports betting
14 May 2018
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The US Supreme Court has actually made a landmark ruling that might permit states throughout the nation to legalise sports betting.
It has actually endorsed a 2014 state judgment in New Jersey which permits sports betting wagering in casinos and at horse racing tracks.
The court also overruled a 1992 federal law prohibiting sports betting gaming.
The news sent the share prices of 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 stated it was a hazard to the "integrity of athletic competitors".
However, Justice Samuel Alito composed on behalf of the Supreme Court: "The legalisation of sports betting needs a crucial policy option, however the choice is not ours to make.
"Congress can manage sports betting directly, but 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 price rose 10.5%, 888 Holdings jumped 14%, William Hill's stock gained 9.4% and GVC Holdings rallied 6%.
In the US, shares in Churchill Downs, which owns horse race tracks and casinos increased by 5.73%.
But Wynn Resorts, the Nevada-based hotels and casino operator, saw its share rate fall by 2% on the prospect of competition 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 wagering in many states.
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It is only enabled in just a few 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 gain the most following the ruling because it "can roll out gambling operations quite swiftly from Nevada, where it currently operates and has very strong market presence".
He added that the company also has a New Jersey operation "that is primed and all set to start taking bets within days".
Paddy Power Betfair has an existence in the US through TVG, among the nation'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 gambling establishment and horse race wagering business in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
arnoldoblewett edited this page 2025-01-02 18:33:18 +08:00