US ruling opens way for states-wide sports betting wagering

14 May 2018
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The US Supreme Court has made a landmark judgment that might allow states across the country to legalise sports betting wagering.

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

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

The news sent out the share rates of gambling 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 move, consisting of the National Basketball Association.

The National Collegiate Athletic Association stated it was a threat 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 option, however the choice is not ours to make.

"Congress can manage sports betting gambling 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 bookies 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 casinos increased by 5.73%.

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

The Supreme Court choice overrules the Professional and Amateur sports betting Protection Act (PASPA) of 1992 that prohibited sports betting in the majority of states.
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It is only allowed only a couple of states, including Nevada, home to Las Vegas, Delaware, Montana and Oregon.

Neil Wilson, primary market expert at markets.com, said that William Hill stands to acquire the most following the ruling since it "can roll out gambling operations quite promptly from Nevada, where it already runs and has extremely strong market presence".

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

Paddy Power Betfair has a presence in the US through TVG, one of the country's biggest online horse racing services.

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

Paddy Power Betfair likewise operates an online gambling establishment and horse race sports betting service in New Jersey.

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