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US judgment opens way for states-wide sports betting

14 May 2018

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

It has backed a 2014 state judgment in New Jersey which permits sports betting in casinos and at horse racing tracks.
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The court also overruled a 1992 federal law banning sports betting gaming.

The news sent out the share prices of in the US and UK rising, consisting of Britain's William Hill and Paddy Power.

Several significant US sports betting bodies had opposed the relocation, including the National Basketball Association.

The National Collegiate Athletic Association stated it was a hazard to the "stability of athletic competition".

However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting gambling needs an essential policy option, but the option is not ours to make.

"Congress can regulate sports betting gambling straight, but if it chooses not to do so, each state is complimentary to act on its own."

Winners and losers

Shares in UK-based bookmakers leapt on the judgment. Paddy Power Betfair's share cost increased 10.5%, 888 Holdings jumped 14%, William Hill's stock acquired 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 cost fall by 2% on the prospect of competitors from new entrants to sports betting.

The Supreme Court decision strikes down the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that prohibited sports betting in the majority of states.

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

Neil Wilson, primary market expert at markets.com, stated that William Hill stands to get the most following the ruling because it "can present sports betting operations quite swiftly from Nevada, where it already operates and has extremely strong market existence".

He included that the business also has a New Jersey operation "that is primed and all set to begin taking bets within days".
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Paddy Power Betfair has an existence in the US through TVG, one of the nation's greatest online horse racing organizations.

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 sports betting organization in New Jersey.

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Published

4 December 2017