US ruling opens way for states-wide sports betting
bet9ja.com
14 May 2018
bet9ja.com
Share

close panel

Share page

Copy link

About sharing

The US Supreme Court has actually made a landmark judgment that might allow states across the country to legalise sports betting.

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

The court likewise overruled a 1992 federal law banning sports betting gaming.

The news sent the share costs of gambling stocks in the US and UK surging, consisting of Hill and Paddy Power.

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

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

However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting requires a crucial policy choice, however the choice is not ours to make.

"Congress can control sports betting gambling straight, but if it elects not to do so, each state is totally free to act on its own."

Winners and losers

Shares in UK-based bookies leapt on the judgment. Paddy Power Betfair's share cost 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 casino operator, saw its share cost fall by 2% on the prospect of competition from brand-new entrants to sports betting.
bit.ly
The Supreme Court decision strikes down the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that restricted sports betting in most states.

It is only allowed in only a few states, consisting of Nevada, home to Las Vegas, Delaware, Montana and Oregon.

Neil Wilson, chief market expert at markets.com, stated that William Hill stands to gain the most following the judgment due to the fact that it "can roll out gambling operations quite swiftly from Nevada, where it already operates and has very strong market presence".

He added that the company also has a New Jersey operation "that is primed and ready to begin taking bets within days".

Paddy Power Betfair has an existence in the US through TVG, one of the nation's biggest online horse racing businesses.

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

Paddy Power Betfair also operates an online gambling establishment and horse race wagering organization in New Jersey.

More on this story
bet9ja.com
High stakes for fixed-odds wagering machines

12 May 2018

Slam dunk for US sports betting wagering restriction?
bit.ly
Published

4 December 2017
bit.ly