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US ruling opens method for states-wide sports betting wagering
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14 May 2018
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The US Supreme Court has actually made a landmark judgment that could enable states across the country to legalise sports betting wagering.
It has actually backed a 2014 state judgment in New Jersey which permits sports betting in casinos and at horse racing tracks.
The court also struck down a 1992 federal law banning sports betting gambling.
The news sent the share prices 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 move, including the National Basketball Association.
The National Collegiate Athletic Association said it was a risk to the "integrity of athletic competitors".
However, Justice Samuel Alito composed on behalf of the Supreme Court: "The legalisation of sports betting needs a crucial policy option, but the option is not ours to make.
"Congress can manage sports betting directly, but if it chooses not to do so, each state is totally free to act upon its own."
Winners and losers
Shares in UK-based bookies got on the ruling. Paddy Power Betfair's share cost increased 10.5%, 888 Holdings jumped 14%, William Hill's stock got 9.4% and GVC Holdings rallied 6%.
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In the US, shares in Churchill Downs, which owns horse race tracks and casinos rose by 5.73%.
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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 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 only allowed in only a few states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.
Neil Wilson, primary market expert at markets.com, said that William Hill stands to gain the most following the judgment since it "can roll out gambling operations quite promptly from Nevada, where it already runs and has really strong market presence".
He included that the company also has a New Jersey operation "that is primed and prepared to begin taking bets within days".
Paddy Power Betfair has an existence in the US through TVG, one of the nation's most significant online horse racing businesses.
Betfair purchased TVG in 2009 for $50m before it went on to combine with Paddy Power.
Paddy Power Betfair also operates an online casino and horse race wagering organization in New Jersey.
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US Ruling Opens Way For States wide Sports Betting
hkbstefanie568 edited this page 11 months ago