US Supreme Court Endorses Country-Wide Sports Betting

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May 19th, 2018
Back US Supreme Court Endorses Country-Wide Sports Betting

The world of sports betting has just been seriously rocked, with the recent news that the U.S. Supreme Court has made an official ruling that could result in the legalization of sports betting across the United States. More specifically, the court addressed a 2014 state ruling in New Jersey, endorsing a plan to allow the type of betting in casinos and at horse racing tracks, also striking down the Professional and Amateur Sports Protection Act (PASPA) of 1992, which banned the forms of gambling in most states.

Following the move, share prices in gambling stocks across the U.S. and UK have shot up, particularly for William Hill (prices rose 10.5%) and Paddy Power (rose 9.4%). Others on the rise included 888 Holdings with a 14% increase and GVC Holdings with a more modest 6%.

Major sports bodies were not equally enthused with the endorsement, however, with one of them being the National Basketball Association.

In a statement from the Supreme Court, Justice Samuel Alito said: “The legislation 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.”

Additionally, among the share price rises were some falls, including Wynn Resorts, which saw a 2% decrease.

While the news is still pretty fresh, only time will tell how all the players in the pool will adjust. Nonetheless, it is a milestone for the industry.

Source:

“US Supreme Court Paves Way For Sports Betting”, latestsportsbonuses.com , May 16, 2018.

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“share prices in gambling stocks across the U.S. and UK have shot up”

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