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US judgment opens method for states-wide sports betting
14 May 2018
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The US Supreme Court has made a landmark ruling that might enable states throughout the country to wagering.
It has endorsed a 2014 state ruling in New Jersey which allows sports betting in casinos and at horse racing tracks.
The court likewise overruled a 1992 federal law banning sports betting gaming.
The news sent the share costs of sports betting stocks in the US and UK rising, including Britain's William Hill and Paddy Power.
Several major US sports betting bodies had actually opposed the move, including the National Basketball Association.
The National Collegiate Athletic Association said 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 requires an essential policy choice, however the choice is not ours to make.
"Congress can manage sports betting gambling straight, however if it chooses not to do so, each state is complimentary to act upon its own."
Winners and losers
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Shares in UK-based bookmakers got on the judgment. Paddy Power Betfair's share cost increased 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 gambling establishments rose by 5.73%.
But Wynn Resorts, the Nevada-based hotels and gambling establishment operator, saw its share price fall by 2% on the possibility of competition from new entrants to sports betting.
The Supreme Court choice strikes down the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that prohibited sports betting in a lot of states.
It is just allowed just a couple of states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.
Neil Wilson, chief market expert at markets.com, stated that William Hill stands to gain the most following the ruling since it "can roll out sports betting operations pretty promptly from Nevada, where it already operates and has very strong market existence".
He included that the business likewise has a New Jersey operation "that is primed and prepared to start taking bets within days".
Paddy Power Betfair has a presence in the US through TVG, among the nation's most significant online horse racing companies.
Betfair bought TVG in 2009 for $50m before it went on to combine with Paddy Power.
Paddy Power Betfair likewise runs an online gambling establishment and horse race wagering business in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
johnnierak6194 edited this page 2025-01-02 08:54:38 +08:00