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US ruling opens way for states-wide sports betting wagering

14 May 2018
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The US Supreme Court has actually made a landmark ruling that could allow states across the nation to wagering.

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

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

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 significant US sports betting bodies had opposed the relocation, including the National Basketball Association.
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The National Collegiate Athletic Association stated it was a risk to the "stability of athletic competition".

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

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

Winners and losers

Shares in UK-based bookmakers got on the ruling. Paddy Power Betfair's share rate 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 casinos increased by 5.73%.

But Wynn Resorts, the Nevada-based hotels and gambling establishment operator, saw its share cost fall by 2% on the possibility of competitors from new entrants to sports betting.

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

It is just allowed just a few states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.

Neil Wilson, chief market analyst at markets.com, said that William Hill stands to gain the most following the judgment because it "can present gambling operations quite swiftly from Nevada, where it currently operates and has really strong market existence".

He included that the company also 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 most significant online horse racing organizations.

Betfair bought 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 sports betting organization in New Jersey.

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