bet9ja.com
US ruling opens method for states-wide sports betting wagering
14 May 2018
bet9ja.com
Share
close panel
Share page
Copy link
About sharing
The US Supreme Court has made a landmark judgment that might enable states throughout the nation to legalise sports betting wagering.
It has a 2014 state ruling in New Jersey which allows sports betting wagering in gambling establishments and at horse racing tracks.
The court also struck down a 1992 federal law banning sports betting gaming.
The news sent the share costs of sports betting stocks in the US and UK rising, 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 danger to the "stability of athletic competition".
However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting needs an important policy choice, but the choice is not ours to make.
"Congress can manage sports betting straight, but if it elects not to do so, each state is complimentary to act on its own."
Winners and losers
Shares in UK-based bookmakers leapt on the ruling. Paddy Power Betfair's share price increased 10.5%, 888 Holdings leapt 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 casinos increased by 5.73%.
But Wynn Resorts, the Nevada-based hotels and casino operator, saw its share price fall by 2% on the prospect of competition from new entrants to sports betting.
The Supreme Court decision overrules the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that forbade sports betting wagering in most states.
It is just allowed just a couple of states, consisting of Nevada, home to Las Vegas, Delaware, Montana and Oregon.
Neil Wilson, primary market analyst at markets.com, said that William Hill stands to get the most following the ruling due to the fact that it "can present sports betting operations quite quickly from Nevada, where it already runs and has very strong market existence".
He included that the company likewise has a New Jersey operation "that is primed and ready to begin taking bets within days".
Paddy Power Betfair has an existence in the US through TVG, among the country's biggest online horse racing organizations.
Betfair purchased TVG in 2009 for $50m before it went on to combine with Paddy Power.
Paddy Power Betfair likewise operates an online casino and horse race sports betting company in New Jersey.
More on this story
High stakes for fixed-odds sports betting machines
12 May 2018
Slam dunk for US sports betting restriction?
Published
4 December 2017
bit.ly
1
US Ruling Opens Way For States wide Sports Betting
constancelaffe edited this page 3 weeks ago