The US Supreme Court has accepted New Jersey’s law permitting betting on sports. This landmark decision could pave the way for other US states to legalise sports betting.
For the past 25 years, sports betting has only been legal in Nevada, Delaware, Montana and Oregon. Now, that the 1992 Professional and Amateur Sports Protection Act (PASPA) federal law has been struck down, sports betting can be used as a lucrative source of tax revenue.
Already, share prices of gambling stocks in both the US and UK have surged. The share prices of London-listed gambling firms rose a combined total of £1.5bn. Out of the UK companies, William Hill already has a strong market presence in Nevada and thus, can increase gambling operations swiftly. Paddy Power Betfair has been positioning itself for this decision, so already have plans in place to increase their market presence in the States as soon as possible.
The decision will also lead to US sports teams looking for official betting partners, opening a new revenue stream for the States four major leagues.