US opens way for states-wide sports betting wagering
14 May 2018
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The US Supreme Court has actually made a landmark judgment that might allow states throughout the nation to legalise sports betting.
It has actually backed 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.
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The news sent out the share prices of sports betting stocks in the US and UK rising, consisting of Britain's William Hill and Paddy Power.
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Several major US sports betting bodies had actually opposed the relocation, including the National Basketball Association.
The National Collegiate Athletic Association stated it was a hazard to the "integrity of athletic competitors".
However, Justice Samuel Alito composed on behalf of the Supreme Court: "The legalisation of sports betting gambling needs an essential policy choice, but the choice is not ours to make.
"Congress can manage sports betting gambling straight, but if it elects not to do so, each state is complimentary to act on its own."
Winners and losers
Shares in UK-based bookmakers jumped on the judgment. Paddy Power Betfair's share cost rose 10.5%, 888 Holdings leapt 14%, William Hill's stock acquired 9.4% and GVC Holdings rallied 6%.
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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 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 wagering in many states.
It is only allowed in just a few 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 get the most following the ruling due to the fact that it "can roll out sports betting operations pretty quickly from Nevada, where it already operates and has really strong market existence".
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He added that the business also has a New Jersey operation "that is primed and all set to begin taking bets within days".
Paddy Power Betfair has an existence in the US through TVG, one of the nation's most significant online horse racing companies.
Betfair bought TVG in 2009 for $50m before it went on to merge with Paddy Power.
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Paddy Power Betfair also operates an online gambling establishment and horse race sports betting business in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
maloriehirschf edited this page 2025-01-02 11:10:48 +08:00