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US ruling opens method for wagering

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

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

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

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

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

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

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

"Congress can control sports betting gambling directly, however if it elects not to do so, each state is free to act upon its own."

Winners and losers

Shares in UK-based bookies got on the judgment. Paddy Power Betfair's share cost rose 10.5%, 888 Holdings jumped 14%, William Hill's stock acquired 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 new entrants to sports betting wagering.

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

It is only allowed just a few 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 get the most following the ruling due to the fact that it "can present sports betting operations pretty promptly from Nevada, where it currently operates and has very strong market presence".

He added that the company likewise 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 businesses.

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

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

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