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US ruling opens way for states-wide sports betting

14 May 2018
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The US Supreme Court has made a landmark judgment that could allow states throughout the nation to legalise sports betting wagering.

It has actually endorsed a 2014 state judgment in New Jersey which permits sports betting wagering in casinos and at horse racing tracks.

The court likewise overruled a 1992 federal law prohibiting sports betting gaming.

The news sent the share prices of gambling stocks in the US and UK rising, consisting of Britain’s William Hill and .

Several significant US sports betting bodies had opposed the relocation, including the National Basketball Association.

The National Collegiate Athletic Association said it was a danger 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 option, but the option is not ours to make.

“Congress can manage sports betting gambling directly, however if it elects not to do so, each state is totally free to act on 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 acquired 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 cost fall by 2% on the prospect of competitors from brand-new entrants to sports betting.

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

It is only allowed just a few states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.

Neil Wilson, primary market analyst at markets.com, said that William Hill stands to gain the most following the judgment due to the fact that it “can present gambling operations quite swiftly from Nevada, where it already operates and has very strong market existence”.

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, among the country’s most significant online horse racing companies.

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

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

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