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US judgment opens way for states-wide sports betting
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14 May 2018
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The US Supreme Court has actually made a landmark ruling that could enable states throughout the country to legalise sports betting.
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 overruled a 1992 federal law banning sports betting.
The news sent out the share prices of sports betting stocks in the US and UK surging, including Britain's William Hill and Paddy Power.
Several significant US had actually opposed the move, including the National Basketball Association.
The National Collegiate Athletic Association stated it was a risk to the "stability of athletic competition".
However, Justice Samuel Alito composed on behalf of the Supreme Court: "The legalisation of sports betting needs an essential policy choice, however the choice is not ours to make.
"Congress can regulate sports betting directly, however if it elects not to do so, each state is complimentary to act on its own."
Winners and losers
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Shares in UK-based bookmakers got 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 casino operator, saw its share price fall by 2% on the possibility of competition from brand-new entrants to sports betting wagering.
The Supreme Court decision overrules the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that restricted sports betting wagering in most 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 acquire the most following the ruling because it "can roll out gambling operations quite quickly from Nevada, where it already runs and has very strong market existence".
He added that the business also has a New Jersey operation "that is primed and prepared to start taking bets within days".
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Paddy Power Betfair has a presence in the US through TVG, one of the country's greatest online horse racing businesses.
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 company in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
millard9545329 edited this page 2025-01-02 18:32:46 +08:00