US judgment opens method for states-wide sports betting

14 May 2018
bit.ly
Share

close panel

Share page

Copy link

About sharing

The US Supreme Court has actually made a landmark ruling that might enable states across the nation to legalise sports betting wagering.
bit.ly
It has actually endorsed a 2014 state in New Jersey which permits sports betting wagering in gambling establishments and at horse racing tracks.

The court also overruled 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 move, including the National Basketball Association.

The National Collegiate Athletic Association said 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 a crucial policy option, but the choice is not ours to make.

"Congress can manage sports betting straight, but if it chooses not to do so, each state is free to act upon its own."

Winners and losers

Shares in UK-based bookmakers jumped on the ruling. Paddy Power Betfair's share price increased 10.5%, 888 Holdings jumped 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 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 competition from brand-new entrants to sports betting.

The Supreme Court decision strikes down the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that forbade sports betting in a lot of states.

It is only allowed just a few 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 judgment because it "can present gambling operations pretty quickly from Nevada, where it currently runs and has extremely strong market existence".
bet9ja.com
He added that the business also has a New Jersey operation "that is primed and ready 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 bought 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 business in New Jersey.

More on this story

High stakes for fixed-odds wagering makers

12 May 2018

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

4 December 2017
bit.ly