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US judgment opens way for states-wide sports betting
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14 May 2018
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The US Supreme Court has made a landmark ruling that could allow states across the country to legalise sports betting.

It has actually backed a 2014 state ruling in New Jersey which allows in gambling establishments and at horse racing tracks.

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

The news sent out 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 relocation, including the National Basketball Association.

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

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

"Congress can manage sports betting straight, but if it elects not to do so, each state is complimentary to act upon its own."
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Winners and losers

Shares in UK-based bookies got on the ruling. Paddy Power Betfair's share rate increased 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 gambling establishments rose by 5.73%.

But Wynn Resorts, the Nevada-based hotels and gambling establishment operator, saw its share rate fall by 2% on the possibility of competition from 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 many states.

It is just allowed 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 ruling due to the fact that it "can roll out gambling operations pretty swiftly from Nevada, where it already runs and has extremely strong market presence".

He added that the business 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, one of the nation's greatest online horse racing organizations.

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 wagering company in New Jersey.

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