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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 judgment that might allow states throughout the country to legalise sports betting.

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

The court also overruled a 1992 prohibiting sports betting gaming.

The news sent out the share costs of gambling stocks in the US and UK rising, consisting of Britain's William Hill and Paddy Power.
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Several major US sports betting bodies had opposed the move, including the National Basketball Association.

The National Collegiate Athletic Association said it was a threat to the "stability of athletic competition".

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

"Congress can regulate sports betting directly, but if it chooses not to do so, each state is totally free to act upon its own."

Winners and losers
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Shares in UK-based bookmakers leapt on the judgment. Paddy Power Betfair's share rate increased 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 casinos rose by 5.73%.

But Wynn Resorts, the Nevada-based hotels and casino operator, saw its share price fall by 2% on the possibility of competition from new entrants to sports betting wagering.

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

It is just enabled in just a few 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 gain the most following the ruling due to the fact that it "can present sports betting operations quite promptly from Nevada, where it currently operates and has very strong market existence".

He included that the company 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 nation's biggest online horse racing companies.

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

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

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