US Ruling Opens Way For States-wide Sports Betting
US judgment opens way for states-wide sports betting wagering
14 May 2018
Share
close panel
Share page
Copy link
About sharing
The US Supreme Court has made a that could permit states throughout the nation to legalise sports betting.
It has actually endorsed a 2014 state ruling in New Jersey which permits sports betting wagering in gambling establishments and at horse racing tracks.
bet9ja.com
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 rising, including Britain's William Hill and Paddy Power.
Several major US sports betting bodies had opposed the relocation, consisting of the National Basketball Association.
The National Collegiate Athletic Association stated it was a threat to the "stability of athletic competition".
However, Justice Samuel Alito composed on behalf of the Supreme Court: "The legalisation of sports betting requires an essential policy option, however the option is not ours to make.
"Congress can control sports betting directly, but if it chooses not to do so, each state is totally free to act on its own."
Winners and losers
Shares in UK-based bookies got on the judgment. Paddy Power Betfair's share rate rose 10.5%, 888 Holdings leapt 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 increased by 5.73%.
But Wynn Resorts, the Nevada-based hotels and casino operator, saw its share price fall by 2% on the possibility of competition from new entrants to sports betting.
The Supreme Court choice strikes down the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that forbade sports betting in most states.
It is only permitted 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 gain the most following the ruling since it "can present gambling operations pretty promptly from Nevada, where it currently operates and has really strong market existence".
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 a presence in the US through TVG, one of the nation's most significant online horse racing services.
Betfair purchased TVG in 2009 for $50m before it went on to combine with Paddy Power.
bet9ja.com
Paddy Power Betfair also runs an online gambling establishment and horse race wagering business in New Jersey.
More on this story
High stakes for fixed-odds sports betting makers
12 May 2018
Slam dunk for US sports betting wagering ban?
Published
4 December 2017
bet9ja.com