US ruling opens method for states-wide sports betting wagering

14 May 2018

Share

close panel

Share page

Copy link
bit.ly
About sharing

The US Supreme Court has made a landmark judgment that could enable states throughout the nation to legalise sports betting wagering.
bet9ja.com
It has endorsed a 2014 state ruling in New Jersey which allows sports betting in gambling establishments and at horse racing tracks.
bet9ja.com
The court likewise struck down a 1992 federal law prohibiting sports betting gaming.

The news sent 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 opposed the relocation, consisting of the National Basketball Association.

The National Collegiate Athletic Association said it was a danger to the “stability of athletic competitors”.

However, Alito wrote on behalf of the Supreme Court: “The legalisation of sports betting gambling needs an important policy option, however the choice is not ours to make.

“Congress can manage sports betting directly, however if it chooses 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 cost rose 10.5%, 888 Holdings leapt 14%, William Hill’s stock got 9.4% and GVC Holdings rallied 6%.
bet9ja.com
In the US, shares in Churchill Downs, which owns horse race tracks and gambling establishments increased by 5.73%.
bet9ja.com
But Wynn Resorts, the Nevada-based hotels and gambling establishment operator, saw its share cost fall by 2% on the prospect of competition from brand-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 most states.
bet9ja.com
It is just allowed just a couple of states, consisting of Nevada, home to Las Vegas, Delaware, Montana and Oregon.

Neil Wilson, chief market expert at markets.com, said that William Hill stands to gain the most following the judgment due to the fact that it “can roll out sports betting operations pretty quickly from Nevada, where it already runs and has really strong market presence”.

He added that the business likewise has a New Jersey operation “that is primed and prepared to start taking bets within days”.

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

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

Paddy Power Betfair likewise operates an online casino and horse race sports betting organization in New Jersey.

More on this story

High stakes for fixed-odds wagering devices

12 May 2018

Slam dunk for US sports betting ban?

Published

4 December 2017