US judgment 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 might permit states throughout the nation to legalise sports betting.
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It has endorsed a 2014 state ruling in New Jersey which permits sports betting in casinos and at horse racing tracks.
The court likewise struck down a 1992 federal law banning sports betting gambling.
The news sent the share costs 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 opposed the move, including the National Basketball Association.
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The National Collegiate Athletic Association said it was a danger 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 choice, but the option is not ours to make.
"Congress can regulate sports betting directly, but if it chooses not to do so, each state is complimentary to act upon its own."
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Winners and losers
Shares in UK-based bookies jumped on the judgment. Paddy Power Betfair's share cost rose 10.5%, 888 Holdings jumped 14%, William Hill's stock gained 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 rose by 5.73%.
But Wynn Resorts, the Nevada-based hotels and casino operator, saw its share rate fall by 2% on the prospect 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 restricted sports betting wagering in most 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, stated that William Hill stands to get the most following the ruling since it "can roll out sports betting operations quite swiftly from Nevada, where it currently runs and has really existence".
He added that the business also has a New Jersey operation "that is primed and prepared to begin taking bets within days".
Paddy Power Betfair has an existence in the US through TVG, among the nation's greatest online horse racing businesses.
Betfair purchased TVG in 2009 for $50m before it went on to merge with Paddy Power.
Paddy Power Betfair likewise operates an online gambling establishment and horse race sports betting organization in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
salinadeakin61 edited this page 2025-01-02 00:51:04 +00:00