US judgment opens method for states-wide sports betting

14 May 2018
bet9ja.com
Share

close panel

Share page

Copy link

About sharing

The US Supreme Court has made a landmark ruling that could permit states across the nation to legalise sports betting wagering.

It has endorsed a 2014 state ruling in New Jersey which allows sports betting in casinos and at horse racing tracks.

The court also struck down a 1992 federal law banning sports betting gambling.

The news sent the share prices of sports betting stocks in the US and UK surging, consisting of Britain's William Hill and Paddy Power.

Several major US sports betting bodies had actually opposed the relocation, consisting of the National Basketball .

The National Collegiate Athletic Association said it was a threat to the "integrity of athletic competitors".

However, Justice Samuel Alito composed on behalf of the Supreme Court: "The legalisation of sports betting gambling needs an important policy choice, however the choice 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 bookmakers jumped on the judgment. Paddy Power Betfair's share rate rose 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 gambling establishments increased by 5.73%.

But Wynn Resorts, the Nevada-based hotels and gambling establishment operator, saw its share cost fall by 2% on the possibility of competitors from brand-new entrants to sports betting.
bit.ly
The Supreme Court choice overrules the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that forbade sports betting in a lot of 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 expert at markets.com, said that William Hill stands to get the most following the judgment since it "can present sports betting operations pretty quickly from Nevada, where it currently operates and has extremely strong market presence".
bet9ja.com
He included 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 an existence in the US through TVG, one of the country's most significant online horse racing services.

Betfair bought TVG in 2009 for $50m before it went on to combine with Paddy Power.

Paddy Power Betfair likewise runs an online gambling establishment and horse race sports betting service in New Jersey.

More on this story

High stakes for fixed-odds sports betting machines

12 May 2018

Slam dunk for US sports betting wagering restriction?

Published

4 December 2017