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US opens way for states-wide sports betting wagering
14 May 2018
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The US Supreme Court has made a landmark ruling that could enable states throughout the nation to legalise sports betting.
It has actually backed a 2014 state judgment in New Jersey which permits sports betting wagering in gambling establishments and at horse racing tracks.
The court likewise struck down a 1992 federal law prohibiting sports betting gaming.
The news sent the share rates of gambling stocks in the US and UK rising, including Britain's William Hill and Paddy Power.
Several significant US sports betting bodies had opposed the move, including the National Basketball Association.
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The National Collegiate Athletic Association stated it was a hazard to the "integrity of athletic competitors".
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However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting needs a crucial policy choice, but the option is not ours to make.
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"Congress can control sports betting gambling straight, but if it chooses not to do so, each state is totally free to act on its own."
Winners and losers
Shares in UK-based bookmakers got on the ruling. Paddy Power Betfair's share price increased 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 gambling establishment operator, saw its share price fall by 2% on the prospect of competition from brand-new entrants to sports betting wagering.
The Supreme Court decision strikes down the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that prohibited sports betting in a lot of states.
It is just enabled in only a few states, consisting of Nevada, home to Las Vegas, Delaware, Montana and Oregon.
Neil Wilson, chief market expert at markets.com, stated that William Hill stands to acquire the most following the judgment due to the fact that it "can roll out gambling operations quite quickly from Nevada, where it already runs and has very strong market existence".
He added that the company also has a New Jersey operation "that is primed and all set to begin taking bets within days".
Paddy Power Betfair has an existence in the US through TVG, among the nation's greatest online horse racing services.
Betfair purchased TVG in 2009 for $50m before it went on to combine with Paddy Power.
Paddy Power Betfair likewise operates an online gambling establishment and horse race wagering organization in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
qebcolette325 edited this page 2025-01-02 17:43:00 +08:00