US judgment opens way for states-wide sports betting wagering
14 May 2018
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The US Supreme Court has made a landmark judgment that could permit states across the nation to legalise sports betting.
It has backed a 2014 state judgment in New Jersey which allows sports betting wagering in casinos and at horse racing tracks.
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The court likewise overruled a 1992 federal law banning sports betting gambling.
The news sent the share prices of sports betting stocks in the US and UK rising, including Britain's William Hill and Paddy Power.
Several significant US sports betting bodies had actually opposed the move, consisting of the National Basketball Association.
The National Collegiate said it was a hazard to the "integrity of athletic competitors".
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However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting needs a crucial policy option, but the choice is not ours to make.
"Congress can control sports betting gambling 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 jumped on the ruling. Paddy Power Betfair's share cost increased 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 prospect of competition from new entrants to sports betting wagering.
The Supreme Court decision overrules the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that restricted sports betting wagering in most states.
It is only allowed only a couple of 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 gain the most following the ruling due to the fact that it "can present sports betting operations quite promptly from Nevada, where it already runs and has very strong market existence".
He added that the business 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 an existence in the US through TVG, among the nation's greatest online horse racing organizations.
Betfair bought TVG in 2009 for $50m before it went on to merge with Paddy Power.
Paddy Power Betfair likewise operates an online casino and horse race sports betting service in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
marielknopf63 edited this page 2025-01-02 07:11:37 +08:00