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US judgment opens way for sports betting

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 actually backed a 2014 state ruling in New Jersey which permits sports betting wagering in gambling establishments and at horse racing tracks.

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

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

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

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

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

"Congress can manage sports betting gambling directly, but if it chooses not to do so, each state is complimentary to act upon its own."

Winners and losers

Shares in UK-based bookmakers got on the ruling. Paddy Power Betfair's share price 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 possibility of competition from new entrants to sports betting.

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

It is only permitted in just a few states, consisting of Nevada, home to Las Vegas, Delaware, Montana and Oregon.

Neil Wilson, primary market analyst at markets.com, said that William Hill stands to get the most following the judgment since it "can roll out gambling operations pretty promptly from Nevada, where it already operates and has extremely strong market existence".

He added that the company also has a New Jersey operation "that is primed and all set 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 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 wagering company in New Jersey.

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