US judgment opens method for states-wide sports betting wagering
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14 May 2018
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The US Supreme Court has made a landmark ruling that might allow states across the nation to legalise sports betting.
It has actually backed a 2014 state ruling in New Jersey which allows sports betting wagering in gambling establishments and at horse racing tracks.
The court also overruled a 1992 federal law prohibiting sports betting gaming.
The news sent out the share rates of gambling stocks in the US and UK rising, consisting of Britain's William Hill and .
Several significant US sports betting bodies had opposed the move, consisting of the National Basketball Association.
The National Collegiate Athletic Association stated it was a hazard to the "stability of athletic competition".
However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting requires an important policy option, however the option is not ours to make.
"Congress can control sports betting gambling directly, but if it elects not to do so, each state is complimentary to act upon its own."
Winners and losers
Shares in UK-based bookmakers got on the judgment. Paddy Power Betfair's share cost increased 10.5%, 888 Holdings jumped 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 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 wagering.
The Supreme Court choice overrules the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that restricted sports betting in many states.
It is only permitted in just a couple of states, consisting of Nevada, home to Las Vegas, Delaware, Montana and Oregon.
Neil Wilson, primary market expert at markets.com, stated that William Hill stands to get the most following the ruling because it "can present sports betting operations pretty promptly from Nevada, where it currently runs and has very strong market presence".
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 country's most significant online horse racing companies.
Betfair bought TVG in 2009 for $50m before it went on to merge with Paddy Power.
Paddy Power Betfair also operates an online casino and horse race sports betting company in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
jan85064727219 edited this page 2025-01-02 00:17:29 +00:00