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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 actually made a landmark judgment that could enable states across the country to legalise sports betting.

It has backed a 2014 state ruling in New Jersey which allows sports betting wagering in gambling establishments and at horse racing tracks.

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

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

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

The National Collegiate Athletic Association stated it was a risk to the "integrity of athletic competitors".

However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting requires an essential policy option, however the option is not ours to make.

"Congress can manage sports betting gambling straight, but if it elects not to do so, each state is totally free to act on its own."

Winners and losers

Shares in UK-based bookmakers leapt on the judgment. Paddy Power Betfair's share cost rose 10.5%, 888 Holdings leapt 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 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 most states.

It is only allowed only a few states, consisting of 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 since it "can present sports betting operations quite swiftly from Nevada, where it already operates and has very strong market presence".

He added that the business 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 nation's most significant 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 gambling establishment and horse race sports betting business in New Jersey.

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