US judgment opens way for states-wide sports betting wagering
bit.ly
14 May 2018
bet9ja.com
Share
close panel
Share page
Copy link
About sharing
The US Supreme Court has made a landmark judgment that might enable states across the country to legalise sports betting wagering.
It has actually endorsed a 2014 state ruling in New Jersey which permits sports betting wagering in gambling establishments and at horse racing tracks.
The court also struck down a 1992 federal law prohibiting sports betting.
The news sent the share rates of gambling stocks in the US and UK surging, consisting of Britain's William Hill and Paddy Power.
Several significant US sports betting bodies had opposed the relocation, consisting of the National Basketball Association.
The National Collegiate said it was a danger to the "stability of athletic competitors".
However, Justice Samuel Alito composed on behalf of the Supreme Court: "The legalisation of sports betting gambling requires an important policy choice, but the choice is not ours to make.
"Congress can manage sports betting straight, but if it chooses not to do so, each state is free to act on its own."
Winners and losers
Shares in UK-based bookmakers got on the ruling. Paddy Power Betfair's share rate 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 gambling establishments rose by 5.73%.
But Wynn Resorts, the Nevada-based hotels and gambling establishment operator, saw its share cost fall by 2% on the possibility of competitors from brand-new entrants to sports betting wagering.
The Supreme Court decision overrules the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that forbade sports betting wagering in most 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 ruling because it "can present sports betting operations pretty promptly from Nevada, where it currently operates and has really strong market presence".
He included that the business likewise has a New Jersey operation "that is primed and prepared to begin taking bets within days".
Paddy Power Betfair has a presence 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 runs an online gambling establishment and horse race wagering business in New Jersey.
More on this story
High stakes for fixed-odds wagering machines
12 May 2018
Slam dunk for US sports betting ban?
bet9ja.com
Published
4 December 2017
1
US Ruling Opens Way For States-wide Sports Betting
florriemccool7 edited this page 2025-01-02 18:55:28 +08:00