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US judgment opens method for states-wide sports betting

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

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

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

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

Several major US sports betting bodies had opposed the move, of the National Basketball Association.

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

However, Justice Samuel Alito composed on behalf of the Supreme Court: "The legalisation of sports betting needs a crucial policy option, but the option is not ours to make.

"Congress can control sports betting gambling directly, 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 jumped on the judgment. Paddy Power Betfair's share rate 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 gambling establishment operator, saw its share price fall by 2% on the possibility of competition from brand-new entrants to sports betting wagering.

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

It is only allowed 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 gain 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 presence".

He added that the business 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 greatest online horse racing companies.

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

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

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