bit.ly
US judgment opens way for states-wide sports betting

14 May 2018

Share

close panel

Share page

Copy link

About sharing

The US Supreme Court has made a that could enable states throughout the country to legalise sports betting.

It has actually endorsed a 2014 state ruling in New Jersey which permits sports betting in casinos and at horse racing tracks.

The court likewise struck down a 1992 federal law prohibiting sports betting gaming.

The news sent 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, consisting of the National Basketball Association.

The National Collegiate Athletic Association stated it was a threat to the "stability of athletic competitors".

However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting requires an important policy choice, but the choice is not ours to make.

"Congress can control sports betting gambling straight, however if it elects not to do so, each state is free to act upon its own."

Winners and losers

Shares in UK-based bookies jumped on the ruling. Paddy Power Betfair's share price 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 competitors from brand-new entrants to sports betting wagering.

The Supreme Court choice overrules the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that forbade sports betting in many states.

It is just allowed just a couple of 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 acquire the most following the ruling due to the fact that it "can present gambling operations pretty swiftly from Nevada, where it currently operates and has extremely strong market presence".
bit.ly
He added that the company likewise has a New Jersey operation "that is primed and prepared to start taking bets within days".

Paddy Power Betfair has a presence in the US through TVG, among the nation's greatest online horse racing businesses.

Betfair purchased TVG in 2009 for $50m before it went on to combine with Paddy Power.

Paddy Power Betfair likewise operates an online casino and horse race wagering business in New Jersey.

More on this story

High stakes for fixed-odds sports betting devices

12 May 2018

Slam dunk for US sports betting restriction?
bet9ja.com
Published

4 December 2017
bet9ja.com