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US judgment opens method for states-wide sports betting
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14 May 2018
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The US Supreme Court has made a landmark ruling that could permit states across the country to legalise sports betting wagering.
It has actually endorsed a 2014 state ruling in New Jersey which permits sports betting wagering in casinos and at tracks.
The court also overruled a 1992 federal law prohibiting sports betting gambling.
The news sent out the share rates of gambling 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 said 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 requires an essential policy choice, but the option is not ours to make.
"Congress can control sports betting gambling straight, however 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 ruling. Paddy Power Betfair's share rate 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 rose by 5.73%.
But Wynn Resorts, the Nevada-based hotels and casino operator, saw its share rate fall by 2% on the possibility of competition from brand-new entrants to sports betting.
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The Supreme Court choice strikes down the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that restricted sports betting in many states.
It is just enabled in just a few states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.
Neil Wilson, primary market analyst at markets.com, stated that William Hill stands to get the most following the judgment due to the fact that it "can roll out sports betting operations quite quickly from Nevada, where it already runs and has extremely strong market presence".
He included that the company also has a New Jersey operation "that is primed and prepared to start taking bets within days".
Paddy Power Betfair has a presence in the US through TVG, one of the nation's greatest online horse racing businesses.
Betfair purchased TVG in 2009 for $50m before it went on to combine with Paddy Power.
Paddy Power Betfair also operates an online casino and horse race wagering business in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
antonkeefer443 edited this page 2025-01-02 10:01:49 +00:00