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US ruling opens way for states-wide sports betting

14 May 2018

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The US Supreme Court has actually made a landmark ruling that could allow states throughout the country to legalise sports betting.

It has actually endorsed a 2014 state judgment 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 out the share prices of sports betting stocks in the US and UK surging, including Britain's and Paddy Power.

Several major US sports betting bodies had actually opposed the relocation, consisting of the National Basketball Association.

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 needs an important policy choice, however the option is not ours to make.

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

Winners and losers

Shares in UK-based bookmakers leapt on the ruling. Paddy Power Betfair's share cost 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 gambling establishments 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 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 wagering in the majority of states.
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It is just permitted in just a few states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.

Neil Wilson, chief market expert at markets.com, said that William Hill stands to get the most following the judgment since it "can present gambling operations quite quickly from Nevada, where it already runs and has extremely strong market existence".

He included that the company likewise has a New Jersey operation "that is primed and ready to begin taking bets within days".

Paddy Power Betfair has a presence in the US through TVG, among the country's biggest online horse racing companies.

Betfair purchased TVG in 2009 for $50m before it went on to combine with Paddy Power.

Paddy Power Betfair likewise runs an online casino and horse race sports betting organization in New Jersey.

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Published

4 December 2017
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