US ruling opens way for states-wide sports betting wagering
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14 May 2018
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The US Supreme Court has made a landmark ruling that could permit states across the nation to legalise sports betting wagering.
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It has actually endorsed a 2014 state ruling in New Jersey which permits sports betting in gambling establishments and at horse racing tracks.

The court likewise struck down a 1992 federal law prohibiting sports betting gambling.

The news sent the share rates of sports betting stocks in the US and UK surging, including Britain's William Hill and Paddy Power.

Several major US sports betting bodies had opposed the move, consisting of the National Basketball Association.

The National Collegiate Athletic Association said it was a hazard to the "stability of athletic competition".

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

"Congress can control sports betting directly, but if it chooses not to do so, each state is complimentary to act upon its own."

Winners and losers

Shares in UK-based bookies 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 rose 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 wagering.

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

It is just allowed only a few states, including 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 ruling due to the fact that it "can present gambling operations quite promptly from Nevada, where it currently runs and has extremely strong market existence".
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He included that the company also has a New Jersey operation "that is primed and all set to start taking bets within days".
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Paddy Power Betfair has a presence in the US through TVG, one of the country's greatest online horse racing businesses.

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

Paddy Power Betfair likewise runs an online casino and horse race wagering service in New Jersey.

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