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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 actually made a landmark judgment that might enable states throughout the country to legalise sports betting.
It has actually a 2014 state ruling in New Jersey which permits sports betting wagering in casinos and at horse racing tracks.
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The court also overruled a 1992 federal law prohibiting sports betting.
The news sent out the share costs of sports betting stocks in the US and UK rising, including Britain's William Hill and Paddy Power.
Several significant US sports betting bodies had opposed the relocation, including the National Basketball Association.
The National Collegiate Athletic Association stated it was a hazard to the "stability of athletic competitors".
However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting gambling requires an important policy choice, however the option 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 upon its own."
Winners and losers
Shares in UK-based bookmakers got on the judgment. Paddy Power Betfair's share price 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 price 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 wagering in most states.
It is just allowed only a couple of states, consisting of 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 ruling because it "can present sports betting operations pretty quickly from Nevada, where it currently operates and has very strong market existence".
He included that the business also has a New Jersey operation "that is primed and ready 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 companies.
Betfair bought TVG in 2009 for $50m before it went on to merge with Paddy Power.
Paddy Power Betfair likewise operates an online casino and horse race wagering organization in New Jersey.
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US Ruling Opens Way For States wide Sports Betting
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