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 actually made a that might permit states across the nation to legalise sports betting.
It has backed a 2014 state judgment in New Jersey which permits sports betting in casinos and at horse racing tracks.
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The court likewise struck down a 1992 federal law prohibiting sports betting gaming.
The news sent out the share rates of sports betting stocks in the US and UK surging, including 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 stated it was a threat to the "integrity of athletic competition".
However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting gambling needs an essential policy option, but the choice is not ours to make.
"Congress can regulate sports betting gambling directly, but if it chooses not to do so, each state is free to act on its own."
Winners and losers
Shares in UK-based bookmakers got on the ruling. Paddy Power Betfair's share cost 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 rose by 5.73%.
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But Wynn Resorts, the Nevada-based hotels and gambling establishment operator, saw its share price fall by 2% on the prospect of competition from new entrants to sports betting wagering.
The Supreme Court decision strikes down the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that prohibited sports betting in many states.
It is only allowed only a couple of states, consisting of Nevada, home to Las Vegas, Delaware, Montana and Oregon.
Neil Wilson, chief market analyst at markets.com, said that William Hill stands to gain the most following the judgment because it "can roll out gambling operations quite swiftly from Nevada, where it currently operates and has really strong market presence".
He included that the company likewise has a New Jersey operation "that is primed and ready to start taking bets within days".
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Paddy Power Betfair has a presence in the US through TVG, among the nation's biggest online horse racing organizations.
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Betfair bought 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 service in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
catherinehigbe edited this page 2025-01-02 11:04:14 +01:00