US ruling opens way for states-wide sports betting

14 May 2018

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The US Supreme Court has made a landmark ruling that might enable states across the nation to legalise sports betting.
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It has actually backed a 2014 state ruling in New Jersey which permits sports betting in casinos and at horse racing tracks.

The court also overruled a 1992 federal law prohibiting sports betting.

The news sent out the share costs of gambling stocks in the US and UK surging, including Britain's William Hill and Paddy Power.

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

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

However, Justice Samuel Alito wrote on behalf of the Court: "The legalisation of sports betting gambling needs an essential policy choice, but the option is not ours to make.

"Congress can regulate sports betting straight, however if it chooses not to do so, each state is free to act on its own."

Winners and losers

Shares in UK-based bookies got on the judgment. Paddy Power Betfair's share price increased 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 casinos rose by 5.73%.

But Wynn Resorts, the Nevada-based hotels and casino operator, saw its share price fall by 2% on the possibility of competitors from new entrants to sports betting wagering.

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

It is just permitted in just a few states, consisting of Nevada, home to Las Vegas, Delaware, Montana and Oregon.

Neil Wilson, chief market analyst at markets.com, said that William Hill stands to get the most following the ruling since it "can present sports betting operations pretty swiftly from Nevada, where it already operates 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".

Paddy Power Betfair has an existence in the US through TVG, one of the country's greatest online horse racing organizations.

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

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

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