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US ruling opens method for states-wide sports betting wagering
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14 May 2018
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The US Supreme Court has made a landmark ruling that could allow states across the nation to legalise sports betting.

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

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

The news sent out the share costs of stocks in the US and UK surging, consisting of Britain's William Hill and Paddy Power.

Several major US sports betting bodies had opposed the relocation, including the National Basketball Association.

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

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

"Congress can control sports betting gambling straight, but if it elects not to do so, each state is free to act on its own."

Winners and losers

Shares in UK-based bookmakers leapt on the ruling. Paddy Power Betfair's share price rose 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 increased by 5.73%.

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

The Supreme Court choice strikes down the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that prohibited sports betting in most states.

It is only enabled in just a few states, consisting of Nevada, home to Las Vegas, Delaware, Montana and Oregon.

Neil Wilson, primary market expert at markets.com, said that William Hill stands to get the most following the judgment since it "can roll out gambling operations pretty swiftly from Nevada, where it currently operates and has really strong market existence".

He included that the company also has a New Jersey operation "that is primed and prepared to begin taking bets within days".

Paddy Power Betfair has an existence in the US through TVG, among the country's greatest 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 company in New Jersey.

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