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US ruling 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 might enable states across the nation to legalise sports betting.

It has actually endorsed a 2014 state ruling in New Jersey which permits sports betting in gambling establishments and at horse racing tracks.

The court also struck down a 1992 federal law prohibiting .

The news sent the share prices of gambling stocks in the US and UK rising, including 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 risk to the "integrity of athletic competition".

However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting needs an important policy choice, 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 upon its own."

Winners and losers

Shares in UK-based bookmakers leapt 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 gambling establishment operator, saw its share rate fall by 2% on the possibility of competition from new entrants to sports betting.

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

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

Neil Wilson, chief market expert at markets.com, stated that William Hill stands to get the most following the judgment since it "can roll out gambling operations quite swiftly from Nevada, where it currently operates and has very strong market presence".

He added that the business likewise 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 country's greatest online horse racing organizations.

Betfair purchased 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 organization in New Jersey.

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