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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 allow states throughout the nation to legalise sports betting.

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

The court also struck down a 1992 federal law banning sports betting.

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

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

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

However, Justice Samuel Alito composed on behalf of the Supreme Court: "The legalisation of sports betting gambling needs a crucial policy choice, but the choice is not ours to make.

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

Winners and losers

Shares in UK-based bookies got on the ruling. Paddy Power Betfair's share price increased 10.5%, 888 Holdings jumped 14%, William Hill's stock got 9.4% and GVC Holdings rallied 6%.
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In the US, shares in Churchill Downs, which owns horse race tracks and gambling establishments rose by 5.73%.
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But Wynn Resorts, the Nevada-based hotels and gambling establishment operator, saw its share rate 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 restricted sports betting in most states.

It is just enabled in just a couple of states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.

Neil Wilson, primary market expert at markets.com, stated that William Hill stands to gain the most following the judgment since it "can roll out pretty swiftly from Nevada, where it currently operates and has really strong market presence".

He added 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 biggest online horse racing businesses.

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

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

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