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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 actually made a landmark ruling that could permit states across the country to legalise sports betting wagering.

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

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

The news sent the share rates of gambling stocks in the US and UK surging, including Britain's William Hill and Paddy Power.

Several major 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 "integrity of athletic competition".

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

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

Winners and losers

Shares in UK-based bookies got on the judgment. Paddy Power Betfair's share price rose 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 casinos rose by 5.73%.

But Wynn Resorts, the Nevada-based hotels and gambling establishment operator, saw its share price fall by 2% on the prospect of competitors from new entrants to sports betting.

The Supreme Court decision overrules the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that prohibited sports betting wagering in the majority of states.

It is just allowed just a couple of states, consisting of Nevada, home to Las Vegas, Delaware, Montana and Oregon.

Neil Wilson, chief market analyst at markets.com, stated that William Hill stands to get the most following the ruling due to the fact that it "can present gambling operations pretty swiftly from Nevada, where it currently runs and has really strong market existence".
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He included that the company also has a New Jersey operation "that is primed and ready to begin taking bets within days".

Paddy Power Betfair has an existence in the US through TVG, among the nation's most significant online horse racing services.

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

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