US judgment opens way for states-wide sports betting wagering

14 May 2018
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The US Supreme Court has actually made a landmark ruling that might allow states throughout the nation to legalise sports betting.

It has actually backed a 2014 state judgment in New Jersey which allows sports betting wagering in gambling establishments and at horse racing tracks.
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The court also overruled a 1992 federal law prohibiting sports betting gaming.

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

The Athletic Association stated 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 gambling needs an important policy choice, but the choice is not ours to make.

"Congress can manage sports betting directly, but if it elects not to do so, each state is complimentary to act on its own."
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Winners and losers

Shares in UK-based bookmakers got on the ruling. 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%.

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 price fall by 2% on the possibility 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 prohibited sports betting in a lot of states.

It is only permitted in just a couple of states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.

Neil Wilson, chief market analyst at markets.com, said that William Hill stands to gain the most following the ruling since it "can roll out sports betting operations quite promptly from Nevada, where it already operates and has extremely strong market presence".

He included that the business 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 greatest online horse racing companies.

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 business in New Jersey.

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