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US ruling opens method 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 ruling that might permit states across the country to legalise sports betting.

It has endorsed a 2014 state ruling in New Jersey which allows sports betting in casinos and at horse racing tracks.
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The court likewise struck down a 1992 federal law banning sports betting .

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

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

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

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

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

Shares in UK-based bookmakers got on the judgment. Paddy Power Betfair's share cost rose 10.5%, 888 Holdings jumped 14%, William Hill's stock got 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 rate fall by 2% on the possibility of competitors from new entrants to sports betting.

The Supreme Court choice strikes down the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that forbade sports betting in most states.

It is just allowed just a couple of states, including 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 judgment because it "can roll out sports betting operations pretty swiftly from Nevada, where it already runs and has extremely strong market existence".

He included that the company also has a New Jersey operation "that is primed and prepared to begin taking bets within days".
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Paddy Power Betfair has a presence in the US through TVG, among the country's biggest online horse racing services.

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

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

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