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US judgment opens method for states-wide sports betting wagering
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14 May 2018
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The US Supreme Court has actually made a landmark judgment that might enable states across the nation to legalise sports betting wagering.
It has endorsed a 2014 state judgment in New Jersey which allows sports betting in casinos and at horse racing tracks.
The court also struck down a 1992 federal law prohibiting sports betting.
The news sent the share prices of gambling stocks in the US and UK surging, consisting of Britain's William Hill and Paddy Power.
Several significant US sports betting bodies had opposed the relocation, consisting of the National Basketball Association.
The National Collegiate Athletic it was a threat to the "stability of athletic competitors".
However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting gambling needs an essential policy option, but the choice is not ours to make.
"Congress can regulate sports betting gambling straight, however 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 ruling. Paddy Power Betfair's share price increased 10.5%, 888 Holdings jumped 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 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 competitors from new entrants to sports betting.
The Supreme Court choice overrules the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that forbade sports betting wagering in most states.
It is only allowed just a couple of states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.
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Neil Wilson, chief market analyst at markets.com, said that William Hill stands to acquire the most following the ruling due to the fact that it "can present sports betting operations pretty swiftly from Nevada, where it already operates and has extremely strong market presence".
He added that the company also has a New Jersey operation "that is primed and prepared to start taking bets within days".
Paddy Power Betfair has an existence in the US through TVG, among the nation's biggest online horse racing services.
Betfair bought TVG in 2009 for $50m before it went on to merge with Paddy Power.
Paddy Power Betfair likewise runs an online gambling establishment and horse race sports betting business in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
lonnapadbury23 edited this page 2025-01-02 07:37:06 +00:00