US ruling opens way for states-wide sports betting
14 May 2018
Share
close panel
Share page
Copy link
bet9ja.com
About sharing
The US Supreme Court has actually made a landmark ruling that could permit states across the nation to legalise sports betting.
It has backed a 2014 state ruling in New Jersey which allows sports betting wagering in gambling establishments and at horse racing tracks.
The court also a 1992 federal law prohibiting sports betting.
The news sent the share rates of sports betting stocks in the US and UK surging, consisting of Britain's William Hill and Paddy Power.
Several major US sports betting bodies had actually opposed the relocation, 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 gambling needs an essential policy option, however the choice is not ours to make.
"Congress can manage sports betting gambling directly, however if it chooses not to do so, each state is free to act on its own."
bet9ja.com
Winners and losers
Shares in UK-based bookmakers got on the judgment. Paddy Power Betfair's share price increased 10.5%, 888 Holdings leapt 14%, William Hill's stock gained 9.4% and GVC Holdings rallied 6%.
bet9ja.com
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 gambling establishment operator, saw its share price fall by 2% on the possibility of competitors from brand-new entrants to sports betting.
The Supreme Court decision overrules the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that restricted sports betting wagering in a lot of states.
bet9ja.com
It is only allowed only a couple of states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.
bet9ja.com
Neil Wilson, primary market analyst at markets.com, stated that William Hill stands to get the most following the judgment due to the fact that it "can present gambling operations pretty swiftly from Nevada, where it currently runs and has very strong market presence".
He added that the company likewise has a New Jersey operation "that is primed and prepared to start taking bets within days".
Paddy Power Betfair has an existence in the US through TVG, among the country's most significant online horse racing companies.
bet9ja.com
Betfair purchased TVG in 2009 for $50m before it went on to combine with Paddy Power.
Paddy Power Betfair also runs an online gambling establishment and horse race sports betting service in New Jersey.
More on this story
High stakes for fixed-odds sports betting devices
12 May 2018
Slam dunk for US sports betting ban?
Published
4 December 2017
1
US Ruling Opens Way For States wide Sports Betting
kobyburgett750 edited this page 6 months ago