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US judgment opens method for sports betting

14 May 2018
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The US Supreme Court has made a landmark judgment 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 gambling establishments and at horse racing tracks.

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

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

Several major US sports betting bodies had opposed the move, including the National Basketball Association.

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

However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting requires an important policy choice, but the choice is not ours to make.

"Congress can manage sports betting directly, but if it elects not to do so, each state is complimentary to act upon its own."

Winners and losers

Shares in UK-based bookmakers leapt on the ruling. 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 gambling establishments increased by 5.73%.

But Wynn Resorts, the Nevada-based hotels and gambling establishment operator, saw its share rate fall by 2% on the possibility of competitors 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 wagering in most states.

It is only allowed just a couple of states, consisting of Nevada, home to Las Vegas, Delaware, Montana and Oregon.

Neil Wilson, primary market analyst at markets.com, stated that William Hill stands to get the most following the judgment due to the fact that it "can roll out gambling operations pretty quickly from Nevada, where it already operates and has very strong market existence".

He added 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, among the country's greatest online horse racing businesses.

Betfair bought 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 company in New Jersey.

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