US judgment opens way for states-wide sports betting
bet9ja.com
14 May 2018
bit.ly
Share

close panel

Share page

Copy link

About sharing

The US Supreme Court has made a landmark ruling that might permit states across the country to legalise sports betting.

It has endorsed a 2014 state judgment in New Jersey which permits sports betting wagering in casinos and at horse racing tracks.

The court likewise struck down a 1992 federal law prohibiting sports betting.

The news sent out the share costs of sports betting stocks in the US and UK surging, including Britain's William Hill and Paddy Power.

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

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

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

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

Winners and losers
bet9ja.com
Shares in UK-based bookies leapt on the judgment. Paddy Power Betfair's share price 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 gambling establishment operator, saw its share cost fall by 2% on the possibility of competition from brand-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 in many states.

It is only allowed only a couple of states, including 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 because it "can present sports betting operations pretty promptly from Nevada, where it already operates and has market presence".

He added that the company also has a New Jersey operation "that is primed and all set to begin taking bets within days".

Paddy Power Betfair has an existence in the US through TVG, one of the country's biggest online horse racing organizations.

Betfair purchased 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 wagering service in New Jersey.

More on this story
bet9ja.com
High stakes for fixed-odds sports betting devices

12 May 2018

Slam dunk for US sports betting ban?
bit.ly
Published

4 December 2017
bit.ly