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US judgment opens way 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 could permit states throughout the nation to legalise sports betting wagering.
It has backed a 2014 state ruling in New Jersey which permits sports betting in casinos and at horse racing tracks.
The court likewise overruled a 1992 federal law prohibiting sports betting.
The news sent the share rates of gambling stocks in the US and UK rising, consisting of Hill and Paddy Power.
Several major US sports betting bodies had actually opposed the relocation, including the National Basketball Association.
The National Collegiate Athletic Association stated it was a threat to the "integrity of athletic competitors".
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However, Justice Samuel Alito composed on behalf of the Supreme Court: "The legalisation of sports betting gambling requires a crucial policy option, however the option is not ours to make.
"Congress can regulate sports betting directly, but if it elects not to do so, each state is free to act upon its own."
Winners and losers
Shares in UK-based bookies jumped on the judgment. Paddy Power Betfair's share price rose 10.5%, 888 Holdings jumped 14%, William Hill's stock gained 9.4% and GVC Holdings rallied 6%.
In the US, shares in Churchill Downs, which owns horse race tracks and gambling establishments increased by 5.73%.
But Wynn Resorts, the Nevada-based hotels and gambling establishment operator, saw its share cost fall by 2% on the possibility of competition from new entrants to sports betting wagering.
The Supreme Court choice strikes down the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that forbade sports betting in the majority of states.
It is only permitted in just a couple of states, consisting of Nevada, home to Las Vegas, Delaware, Montana and Oregon.
Neil Wilson, primary market analyst at markets.com, stated that William Hill stands to get the most following the ruling due to the fact that it "can roll out sports betting operations quite swiftly from Nevada, where it already runs and has very strong market presence".
He included that the company also has a New Jersey operation "that is primed and prepared to start taking bets within days".
Paddy Power Betfair has an existence in the US through TVG, one of the nation's most significant online horse racing companies.
Betfair bought TVG in 2009 for $50m before it went on to merge 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
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