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Payments General

And the bets are on – US overturns sports betting ban

Tuesday 15 May 2018 | 09:47 AM CET

The US Supreme Court has overturned the sports betting ban in the country. 

The court ruled in favour of the state of New Jersey in its long-running bid to overturn the 1992 Professional and Amateur Sports Protection Act (PASPA).

PASPA had blocked states from offering regulated sports wagering services, with the exception of Nevada, Oregon, Delaware and Montana. 

New Jersey has been campaigning for a number of years for the ban to be withdrawn, highlighting the prevalence of illegal sports betting across the US as one of its main arguments.

The Supreme Court was seemingly in agreement with New Jersey, voting 7-2 in favour of voiding PASPA and also upholding a 2014 state law that permitted sports betting and casinos and racecourses in New Jersey.

The move effectively breaks Nevada’s monopoly on sports betting in the US and in turn opens up a much wider market.

The Stars Group’s share price is up 9%, with Paddy Power Betfair, Caesars and William Hill all rising by more than 6% in the immediate aftermath.

The lifting of the ban offers tremendous opportunities for players in the gaming industry as well as for payments service providers and white-label solution providers. As the monopoly on betting is broken, we can expect to see important developments in the US gambling market and important opportunity for both vendors and payments providers.  

More: Link
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