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US ruling opens method for states-wide sports betting
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14 May 2018
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The US Supreme Court has made a landmark ruling that might allow states throughout the country to legalise sports betting wagering.
It has actually endorsed a 2014 state ruling in New Jersey which allows sports betting in casinos and at horse racing tracks.
The court also overruled a 1992 federal law banning sports betting gaming.
The news sent out the share rates of sports betting stocks in the US and UK rising, consisting of Britain's William Hill and Paddy Power.
Several major US sports betting bodies had the move, including the National Basketball Association.
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The National Collegiate Athletic Association said it was a risk to the "integrity of athletic competition".
However, Justice Samuel Alito composed on behalf of the Supreme Court: "The legalisation of sports betting gambling needs an important policy choice, but the option is not ours to make.
"Congress can regulate sports betting gambling directly, but if it elects not to do so, each state is totally free to act upon its own."
Winners and losers
Shares in UK-based bookies got on the ruling. Paddy Power Betfair's share cost rose 10.5%, 888 Holdings leapt 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 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 wagering.
The Supreme Court decision strikes down the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that restricted sports betting wagering in a lot of states.
It is only allowed in just a few states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.
Neil Wilson, chief market expert at markets.com, said that William Hill stands to acquire the most following the ruling due to the fact that it "can present sports betting operations pretty quickly from Nevada, where it already runs and has really strong market existence".
He added that the company likewise 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 an existence in the US through TVG, one of the nation's greatest online horse racing businesses.
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 company in New Jersey.
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US Ruling Opens Way For States-wide Sports Betting
winonagroom52 edited this page 2025-01-02 14:26:02 +08:00