[James]

US ruling opens way for states-wide sports betting
6 hours ago


The US Supreme Court has made a landmark ruling that could allow states across the country to legalise sports betting.

It has 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 gambling.

The news sent the share prices of gambling stocks in the US and UK surging, including Britain's William Hill and Paddy Power.

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

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

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

"Congress can regulate sports gambling directly, but if it elects not to do so, each state is free to act on its own."

Winners and losers

Shares in UK-based bookmakers jumped on the ruling. Paddy Power Betfair's share price rose 10.5%, 888 Holdings jumped 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 rose by 5.73%.

But Wynn Resorts, the Nevada-based hotels and casino operator, saw its share price fall by 2% on the prospect of competition from new entrants to sports betting.

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

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

Neil Wilson, chief market analyst at markets.com, said that William Hill stands to gain the most following the ruling because it "can roll out gambling operations pretty swiftly from Nevada, where it already operates and has very strong market presence".

He added that the company also has a New Jersey operation "that is primed and ready to start 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 merge with Paddy Power.

Paddy Power Betfair also operates an online casino and horse race betting business in New Jersey.

http://www.bbc.co.uk/news/business-44114464

[Maru]

Originally Posted by James

http://www.bbc.co.uk/news/business-44114464

Probably won't affect the entirety of the US (I'm sure several states will still oppose it). But it may change the types of interactive games and things that we see online...?

[Toy Soldier]

I legitimately had no idea that off-track betting was still illegal in the US . I was always confused when watching movies and people would mention "talking to their bookmaker" as if said bookmaker was some shady loneshark type character in the back office of a local bar.

Turns out that's actually what it's like!

Well lucky Americans, soon you will be able to place your bets with a faceless corporate entity. They won't break your legs if you start winning big... they'll just restrict you in a central database so that you can't bet anywhere other than back in the shady backroom . Good times good times.

[James]

I find it curious how American laws have been so anti-gambling, when here in Britain we gamble on everything.

[Maru]

I don't know the reasoning behind why betting was banned here. It just always has been and not really a topic of conversation here. People run small betting pools privately. I believe gambling is still restricted as well. For example, we couldn't play card games with real money (we still did).

My only issue with betting is when it involves animal cruelty. Like dog/cock fights.