US judgment opens way for states-wide sports betting
14 May 2018
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The US Supreme Court has made a landmark judgment that could permit states throughout the country to legalise sports betting wagering.
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It has actually backed a 2014 state ruling in New Jersey which allows sports betting in casinos and at horse racing tracks.
The court also overruled a 1992 federal law banning sports betting gambling.
The news sent the share rates of gambling stocks in the US and UK surging, consisting of Britain's William Hill and Paddy Power.
Several major 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 "integrity of athletic competitors".
However, Justice Samuel Alito 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 regulate sports betting straight, but if it chooses 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 leapt on the ruling. Paddy Power Betfair's share rate rose 10.5%, 888 Holdings jumped 14%, William Hill's stock acquired 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 gambling establishment operator, saw its share price fall by 2% on the prospect of competitors from new entrants to sports betting wagering.
The Supreme Court decision strikes down the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that restricted sports betting in a lot of states.
It is only permitted in 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 acquire the most following the judgment because it "can roll out sports betting operations pretty promptly from Nevada, where it currently operates and has very strong market existence".
He included that the company likewise has a New Jersey operation "that is primed and all set to begin taking bets within days".
Paddy Power Betfair has a presence in the US through TVG, one of the nation's biggest online horse racing services.
Betfair bought 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 service in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
florenciatulab edited this page 2025-01-02 13:31:04 +08:00