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US judgment opens method for states-wide sports betting
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14 May 2018
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The US Supreme Court has made a landmark ruling that might enable states throughout the country to legalise sports betting wagering.
It has endorsed a 2014 state ruling in New Jersey which allows sports betting wagering in gambling establishments and at horse racing tracks.
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The court also struck down a 1992 federal law banning sports betting gambling.
The news sent the share costs of gambling stocks in the US and UK rising, consisting of Britain's William Hill and Paddy Power.
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Several significant US sports betting bodies had actually opposed the move, including the National Basketball Association.
The National Collegiate Athletic Association said it was a risk to the "stability of athletic competitors".
However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting requires a crucial policy choice, however the option is not ours to make.
"Congress can regulate sports betting gambling directly, however if it chooses not to do so, each state is totally free to act upon its own."
Winners and losers
Shares in UK-based bookmakers got on the ruling. Paddy Power Betfair's share cost increased 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 rose by 5.73%.
But Wynn Resorts, the Nevada-based hotels and casino operator, saw its share rate fall by 2% on the prospect of competitors from new entrants to sports betting.
The Supreme Court choice strikes down the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that restricted sports betting wagering in many states.
It is only permitted in just a couple of states, consisting of Nevada, home to Las Vegas, Delaware, Montana and Oregon.
Neil Wilson, primary market expert at markets.com, stated that William Hill stands to get the most following the ruling since it "can present gambling operations quite promptly from Nevada, where it already runs and has extremely strong market existence".
He added that the company likewise has a New Jersey operation "that is primed and to start taking bets within days".
Paddy Power Betfair has a presence in the US through TVG, among the nation's biggest 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 casino and horse race wagering business in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
bennale5695151 edited this page 2025-01-02 13:16:41 +08:00