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US ruling opens way for states-wide sports betting wagering
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14 May 2018

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The US Supreme Court has actually made a landmark judgment that could enable states throughout the nation 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 likewise struck down a 1992 federal law prohibiting sports betting.
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The news sent out the share prices of in the US and UK surging, including Britain's William Hill and Paddy Power.

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

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

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

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

Winners and losers

Shares in UK-based bookmakers jumped on the ruling. Paddy Power Betfair's share cost increased 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%.
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But Wynn Resorts, the Nevada-based hotels and casino operator, saw its share cost fall by 2% on the possibility of competition from new entrants to sports betting wagering.

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

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

Neil Wilson, primary market analyst at markets.com, stated that William Hill stands to get the most following the judgment due to the fact that it "can roll out gambling operations quite quickly from Nevada, where it already runs and has extremely strong market existence".
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He added that the company also has a New Jersey operation "that is primed and prepared to start taking bets within days".

Paddy Power Betfair has a presence in the US through TVG, one of the nation's most significant online horse racing companies.

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

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

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