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US ruling opens way for states-wide sports betting
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14 May 2018
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The US Supreme Court has made a landmark judgment that might allow states throughout the nation to legalise sports betting wagering.
It has actually endorsed a 2014 state ruling in New Jersey which allows sports betting in gambling establishments and at horse racing tracks.
The court also struck down a 1992 federal law prohibiting sports betting gaming.
The news sent the share prices of sports betting stocks in the US and UK surging, consisting of Britain's William Hill and Paddy Power.
Several significant US sports betting bodies had actually opposed the move, 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 Court: "The legalisation of sports betting needs a crucial policy option, however the option is not ours to make.
"Congress can manage sports betting straight, however if it chooses not to do so, each state is free to act upon its own."
Winners and losers
Shares in UK-based bookmakers got on the judgment. Paddy Power Betfair's share price increased 10.5%, 888 Holdings jumped 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 casinos increased by 5.73%.
But Wynn Resorts, the Nevada-based hotels and gambling establishment operator, saw its share price fall by 2% on the possibility of competition from new entrants to sports betting.
The Supreme Court decision overrules the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that forbade sports betting in many states.
It is only enabled in just a few states, consisting of Nevada, home to Las Vegas, Delaware, Montana and Oregon.
Neil Wilson, chief market expert at markets.com, stated that William Hill stands to gain the most following the ruling because it "can roll out gambling operations quite promptly from Nevada, where it currently operates and has extremely strong market presence".
He included that the company likewise has a New Jersey operation "that is primed and prepared to start taking bets within days".
Paddy Power Betfair has an existence in the US through TVG, among the country's greatest online horse racing organizations.
Betfair purchased TVG in 2009 for $50m before it went on to merge with Paddy Power.
Paddy Power Betfair also operates an online gambling establishment and horse race sports betting service in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
annie28f832427 edited this page 2025-01-02 12:00:15 +08:00