US ruling opens way for states-wide sports betting

14 May 2018

Share

close panel

Share page

Copy link

About sharing

The US Supreme Court has made a landmark ruling that might enable states across 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 tracks.

The court also overruled a 1992 federal law prohibiting sports betting gambling.
bet9ja.com
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 significant US sports betting bodies had actually opposed the move, consisting of the National Basketball Association.

The National Collegiate Athletic Association said it was a danger to the "integrity of athletic competitors".
bet9ja.com
However, Justice Samuel Alito composed on behalf of the Supreme Court: "The legalisation of sports betting gambling requires an essential policy choice, but the option is not ours to make.

"Congress can control sports betting gambling directly, but if it chooses not to do so, each state is totally free to act on its own."

Winners and losers

Shares in UK-based bookies leapt on the ruling. Paddy Power Betfair's share cost 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 gambling establishments increased 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 forbade sports betting in the majority of states.
bet9ja.com
It is just allowed in only a couple of states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.

Neil Wilson, chief market expert at markets.com, said that William Hill stands to get the most following the judgment since it "can present sports betting operations pretty promptly from Nevada, where it already runs and has really strong market presence".

He included that the company likewise has a New Jersey operation "that is primed and all set to start taking bets within days".
bet9ja.com
Paddy Power Betfair has an existence in the US through TVG, one of the nation's biggest online horse racing organizations.
bet9ja.com
Betfair purchased TVG in 2009 for $50m before it went on to merge with Paddy Power.

Paddy Power Betfair likewise operates an online gambling establishment and horse race sports betting business in New Jersey.

More on this story

High stakes for fixed-odds sports betting makers
bet9ja.com
12 May 2018

Slam dunk for US sports betting ban?

Published

4 December 2017