US judgment opens method for states-wide sports betting wagering

14 May 2018

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The US Supreme Court has made a ruling that might allow states across the country to legalise sports betting wagering.

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

The court also overruled a 1992 federal law prohibiting sports betting gaming.

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

The National Collegiate Athletic Association stated it was a danger to the "stability of athletic competitors".

However, Justice Samuel Alito wrote on behalf of the Supreme Court: "The legalisation of sports betting needs a crucial policy choice, but the option is not ours to make.

"Congress can control sports betting gambling directly, 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 bookies got on the ruling. Paddy Power Betfair's share rate increased 10.5%, 888 Holdings leapt 14%, William Hill's stock got 9.4% and GVC Holdings rallied 6%.
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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 wagering.

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

It is just enabled in just a few states, consisting of 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 promptly from Nevada, where it currently runs and has very strong market presence".

He included that the company likewise 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, among the country's greatest online horse racing businesses.

Betfair bought 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 organization in New Jersey.

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4 December 2017
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