US ruling opens method for states-wide sports betting wagering
14 May 2018
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The US Supreme Court has made a landmark ruling that might allow states across the nation to legalise sports betting wagering.
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It has endorsed a 2014 state ruling in New Jersey which permits sports betting wagering in gambling establishments and at horse racing tracks.
The court also overruled a 1992 federal law prohibiting sports betting.
The news sent out the share costs of sports betting stocks in the US and UK rising, including Britain's William Hill and Paddy Power.
Several significant US sports betting bodies had the move, including the National Basketball Association.
The National Collegiate Athletic Association said it was a risk to the "integrity of athletic competition".
However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting gambling requires a crucial policy choice, but the option is not ours to make.
"Congress can control sports betting gambling straight, but if it chooses not to do so, each state is free to act upon its own."
Winners and losers
Shares in UK-based bookies jumped on the judgment. Paddy Power Betfair's share price rose 10.5%, 888 Holdings leapt 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 gambling establishments rose by 5.73%.
But Wynn Resorts, the Nevada-based hotels and gambling establishment operator, saw its share rate fall by 2% on the possibility 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 forbade sports betting in a lot of states.
It is just allowed just a few states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.
Neil Wilson, primary market analyst at markets.com, said that William Hill stands to get the most following the ruling because it "can roll out gambling operations pretty quickly from Nevada, where it currently runs and has extremely strong market existence".
He included that the company also has a New Jersey operation "that is primed and ready to start taking bets within days".
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Paddy Power Betfair has a presence in the US through TVG, one of the country's most significant online horse racing businesses.
Betfair purchased TVG in 2009 for $50m before it went on to merge 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
Una Trombley edited this page 2025-01-16 04:52:23 +08:00