US ruling opens method for states-wide sports betting

14 May 2018

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The US Supreme Court has made a landmark judgment that might permit states across the nation to legalise sports betting wagering.

It has actually endorsed a 2014 state judgment in New Jersey which permits sports betting wagering in gambling establishments and at horse racing tracks.

The court also struck down a 1992 federal law prohibiting sports betting.

The news sent the share rates of gambling stocks in the US and UK rising, including Britain's Hill and Paddy Power.
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Several significant US sports betting bodies had opposed the relocation, including the National Basketball Association.

The National Collegiate Athletic Association stated it was a threat to the "integrity of athletic competitors".

However, Justice Samuel Alito composed on behalf of the Supreme Court: "The legalisation of sports betting needs an essential policy option, but the choice is not ours to make.

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

Winners and losers
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Shares in UK-based bookmakers jumped on the ruling. Paddy Power Betfair's share rate rose 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 rose by 5.73%.

But Wynn Resorts, the Nevada-based hotels and casino operator, saw its share cost fall by 2% on the possibility of competition from new entrants to sports betting wagering.

The Supreme Court decision overrules the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that prohibited sports betting in many states.

It is just allowed just a few states, consisting of Nevada, home to Las Vegas, Delaware, Montana and Oregon.
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Neil Wilson, chief market analyst at markets.com, stated that William Hill stands to gain the most following the ruling because it "can present gambling operations quite promptly from Nevada, where it already runs and has very strong market existence".

He added that the company likewise 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, among the country's biggest online horse racing companies.

Betfair bought TVG in 2009 for $50m before it went on to merge with Paddy Power.

Paddy Power Betfair also operates an online gambling establishment and horse race wagering organization in New Jersey.
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