Published: Tue, May 15, 2018
Sports | By Johanna Francis

US gaming stocks soar on US Supreme Court decision — IHS Markit

US gaming stocks soar on US Supreme Court decision — IHS Markit

It will be up to individual states to decide if they want to get in on the action, but in a world where sports gambling is accessible online at any time worldwide, this is obviously a common sense decision.

Now, wherever you are, if you are intent on sports gambling, you can simply log on to your computer and do so through a myriad of off-shore accounts, etc.

Yesterday's Supreme Court decision did just that, effectively over turning the (PASPA) of 1992, which outlawed sports betting with the exception of four states, Nevada, Oregon, Delaware and Montana. On appeal the Third Circuit Court of Appeals affirmed the court of first instance decision, leading New Jersey to raise the case before the US Supreme Court.

"It remains to be seen how states will react to their newfound freedom, though this certainly opens the door to a large scale expansion of sports betting", Pierson said. "I'm sure there will be a wide variety as to how fast or how slow the licensing proceeds". "It must also be a game-changer for sports betting integrity".

The case arose after New Jersey changed state law in 2014 to legalize sports betting, causing the National Collegiate Athletic Association (NCAA) together with America's leading national sports organizations: the National Football League, The National Basketball Association, the National Hockey League and Major League Baseball, to file suit in federal court to prevent the law from taking effect. Those states are New Jersey, New York, West Virginia, Mississippi, Pennsylvania and CT.

Before the state lottery was made legal, a total of 31% of U.S. residents confessed they had been taking part in illegal lottery gambling.

Even in states that have approved sports gambling, it'll take some time to complete the approval process, which will require companies to be licensed in order to take sports bets.

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The most immediate outcome for residents of the Commonwealth is that, with a drive across the bridge into West Virginia, one will soon be able to put a bet down on pretty much any sporting event they choose.

Nevada Gaming Control Board's (NGCB) Chief Enforcement Division, Karl Bennison commented: "The Nevada Gaming Control Board is the gold standard for legal, regulated sports betting".

But experts say it could still take a few years before sports books are legal in states that haven't begun the process. "It's more complex than many people think".

Actually, it's not a very profitable business. Now individual states will have the opportunity to license, regulate and collect taxes in the market, rather than watching betting money and gamblers driven to underground and illegal operations.

Short sellers covered 13 percent of their position in Boyd Gaming Corp in the month prior to the new ruling, as shares rallied off the year-to-date low on 2 April, Pierson observed.

Additionally, casinos have the potential to lose big on sports bets, unlike in house games. Last week it held its SIGA Expert Summit on Sports Betting Integrity in Porto, Portugal.

Casinos fought for the approval to take sports bets because it's an important way to draw customers into the casinos.

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