US ruling opens way for states-wide sports betting
14 May 2018
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The US Supreme Court has made a landmark ruling that could permit states throughout the country to legalise sports betting wagering.
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It has backed a 2014 state ruling in New Jersey which permits sports betting wagering in casinos and at horse racing tracks.
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The court also struck down a 1992 federal law banning sports betting gaming.
The news sent out the share rates of sports betting stocks in the US and UK surging, including Britain's William Hill and Paddy Power.
Several major US had actually opposed the relocation, consisting of the National Basketball Association.
The National Collegiate Athletic Association stated it was a hazard to the "integrity of athletic competitors".
However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting gambling needs an important policy option, however the choice is not ours to make.
"Congress can regulate sports betting gambling straight, but if it elects not to do so, each state is totally free to act upon its own."
Winners and losers
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Shares in UK-based bookies got on the judgment. Paddy Power Betfair's share cost 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 casinos rose by 5.73%.
But Wynn Resorts, the Nevada-based hotels and casino operator, saw its share price fall by 2% on the possibility of competition from brand-new entrants to sports betting.
The Supreme Court choice overrules the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that restricted sports betting wagering in a lot of states.
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It is just allowed just a couple of states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.
Neil Wilson, primary market expert at markets.com, said that William Hill stands to gain the most following the ruling since it "can roll out sports betting operations pretty promptly from Nevada, where it currently runs and has really strong market existence".
He added that the business likewise has a New Jersey operation "that is primed and prepared to begin taking bets within days".
Paddy Power Betfair has a presence in the US through TVG, one of the country's most significant online horse racing businesses.
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Betfair purchased TVG in 2009 for $50m before it went on to merge with Paddy Power.
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Paddy Power Betfair likewise runs an online gambling establishment and horse race wagering company in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
eloycatalan471 edited this page 2025-01-01 21:57:19 +00:00