US judgment opens way for states-wide sports betting

14 May 2018

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The US Supreme Court has made a landmark judgment that might enable states throughout the nation to legalise sports betting.
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It has actually backed a 2014 state judgment in New Jersey which allows sports betting in casinos and at horse racing tracks.

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

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 actually opposed the move, including the National Basketball Association.
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The National Collegiate Athletic Association stated it was a threat to the "integrity of athletic competitors".
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However, Justice Samuel on behalf of the Supreme Court: "The legalisation of sports betting needs an important policy choice, but the choice is not ours to make.

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

Winners and losers

Shares in UK-based bookies got on the judgment. Paddy Power Betfair's share price 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 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 competition from brand-new entrants to sports betting wagering.

The Supreme Court choice overrules the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that restricted sports betting wagering in the majority of states.

It is only allowed in just a couple of states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.
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Neil Wilson, primary market expert at markets.com, said that William Hill stands to acquire the most following the judgment due to the fact that it "can present sports betting operations quite swiftly from Nevada, where it currently runs and has very strong market presence".

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

Paddy Power Betfair has a presence in the US through TVG, one of the country's biggest online horse racing businesses.

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

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

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