bit.ly
US ruling opens way for states-wide sports betting wagering
14 May 2018
bit.ly
Share
close panel
Share page
Copy link
About sharing
bet9ja.com
The US Supreme Court has made a landmark ruling that could enable states across the country to legalise sports betting wagering.
It has actually endorsed a 2014 state judgment in New Jersey which permits sports betting in gambling establishments and at horse racing tracks.
The court likewise overruled a 1992 federal law sports betting gambling.
The news sent the share costs of sports betting stocks 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, consisting of the National Basketball Association.
The National Collegiate Athletic Association said it was a hazard to the "stability of athletic competition".
However, Justice Samuel Alito composed on behalf of the Supreme Court: "The legalisation of sports betting gambling needs a crucial policy choice, but the option is not ours to make.
"Congress can control sports betting gambling directly, but if it elects not to do so, each state is complimentary to act upon its own."
bit.ly
Winners and losers
Shares in UK-based bookies jumped on the judgment. Paddy Power Betfair's share rate rose 10.5%, 888 Holdings leapt 14%, William Hill's stock gained 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 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 wagering in many states.
It is only allowed only a few states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.
bit.ly
Neil Wilson, chief market expert at markets.com, said that William Hill stands to acquire the most following the ruling because it "can roll out gambling operations pretty swiftly from Nevada, where it already operates and has extremely strong market existence".
bit.ly
He added that the company also has a New Jersey operation "that is primed and ready to begin taking bets within days".
Paddy Power Betfair has a presence in the US through TVG, one of the country's biggest online horse racing companies.
Betfair bought TVG in 2009 for $50m before it went on to merge with Paddy Power.
Paddy Power Betfair also operates an online casino and horse race sports betting business in New Jersey.
More on this story
High stakes for fixed-odds wagering machines
12 May 2018
Slam dunk for US sports betting restriction?
Published
4 December 2017
1
US Ruling Opens Way For States wide Sports Betting
tahliajqi7690 edited this page 2025-01-01 20:47:25 +00:00