Sports gambling legalised in US

The US Supreme Court has paved the way for legalised sports gambling across the US after it struck down a Federal law that banned gambling in all American states.

 This decision could open up US to betting companies who are involved in $150 bn in illegal and offshore betting. Justice Samuel Alito, wrote that a 1992 law banning sports gambling violated states’ rights. Shares in gambling stocks jumped including UK’s William Hill closed 10.7 per cent up, Paddy Power Betfair, rose 12.2 per cent, while in US, Churchill Downs, which owns race tracks and casinos rose 5.5 per cent, Ceasers Entertainment was up 8 per cent. Drat Kings, Boston-based fantasy sports provider said it would enter sports betting,.

 The case was originally brought by New Jersey, which have sought to regain profitability by copying :Las Vegas’s sports bettings.