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US ruling opens way for states-wide sports betting
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14 May 2018
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The US Supreme Court has actually made a landmark ruling that could enable states across the country to legalise sports betting.

It has backed a 2014 state ruling in New Jersey which permits sports betting in casinos and at horse racing tracks.
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The court likewise struck down a 1992 federal law prohibiting sports betting gaming.

The news sent out the share rates of gambling stocks in the US and UK rising, including Britain's William Hill and Paddy Power.

Several major US sports betting bodies had actually the move, including the National Basketball Association.

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

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

"Congress can regulate sports betting gambling straight, but if it elects not to do so, each state is free to act upon its own."

Winners and losers
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Shares in UK-based bookmakers leapt on the ruling. Paddy Power Betfair's share cost rose 10.5%, 888 Holdings jumped 14%, William Hill's stock got 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 rate fall by 2% on the prospect of competitors from new entrants to sports betting.

The Supreme Court decision strikes down the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that forbade sports betting in most states.

It is only allowed just a couple of states, consisting of Nevada, home to Las Vegas, Delaware, Montana and Oregon.

Neil Wilson, chief market analyst at markets.com, stated that William Hill stands to gain the most following the judgment since it "can present gambling operations pretty quickly from Nevada, where it currently runs and has really strong market existence".

He added that the business also has a New Jersey operation "that is primed and ready to start taking bets within days".

Paddy Power Betfair has a presence in the US through TVG, among the nation's most significant online horse racing organizations.

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

Paddy Power Betfair also runs an online gambling establishment and horse race sports betting service in New Jersey.

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