US ruling opens way for states-wide sports betting
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14 May 2018
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The US Supreme Court has made a landmark ruling that could permit states across the nation to legalise sports betting wagering.

It has backed a 2014 state ruling 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 gambling.

The news sent out the share rates of gambling stocks in the US and UK rising, including Britain's William Hill and Paddy Power.
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Several significant US sports betting bodies had actually opposed the move, consisting of the National Basketball Association.

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

However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting needs a crucial policy choice, however the choice is not ours to make.
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"Congress can manage sports betting gambling straight, however if it elects not to do so, each state is free to act upon its own."

Winners and losers

Shares in UK-based bookies got on the ruling. Paddy Power Betfair's share rate 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 casinos increased by 5.73%.

But Wynn Resorts, the Nevada-based hotels and casino operator, saw its share price fall by 2% on the prospect of competition from new entrants to sports betting.

The Supreme Court decision strikes down the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that restricted sports betting in many states.
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It is only enabled in just a few states, consisting of Nevada, home to Las Vegas, Delaware, Montana and Oregon.

Neil Wilson, chief market analyst at markets.com, stated that William Hill stands to get the most following the judgment since it "can present gambling operations quite quickly from Nevada, where it currently runs and has very presence".

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

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

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

Paddy Power Betfair likewise runs an online casino and horse race wagering service in New Jersey.

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