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US ruling opens method for states-wide sports betting wagering
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14 May 2018

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The US has made a landmark ruling that could allow states throughout the country to legalise sports betting wagering.
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It has endorsed 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 the share prices 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 said it was a danger to the “integrity of athletic competition”.

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

“Congress can manage sports betting straight, however if it chooses not to do so, each state is totally free to act on its own.”

Winners and losers

Shares in UK-based bookmakers jumped 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 gambling establishment operator, saw its share cost fall by 2% on the possibility of competition from brand-new entrants to sports betting wagering.
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The Supreme Court choice 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 just allowed just a couple of states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.

Neil Wilson, primary market analyst at markets.com, said that William Hill stands to acquire the most following the ruling since it “can roll out sports betting operations pretty promptly from Nevada, where it already runs and has very strong market existence”.
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He added that the business also has a New Jersey operation “that is primed and all set to begin taking bets within days”.

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

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

Paddy Power Betfair likewise runs an online casino and horse race sports betting service in New Jersey.

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