The USA to a giant step toward legalising sports betting when the US Supreme Court struck down the Professional and Amateur Sports Protection Act this week. PASPA has restricted sports betting to just one state – Nevada, the home of Las Vegas – but judges voted 7-2 in favour of axing it after deciding it breaches the 10th Amendment. Each state can now vote on whether it wants to introduce sports betting. New Jersey is expected to roll it out within days, and many more are tipped to follow due to the tax revenue they can receive. It will include online gambling once the technology is developed, and it should encompass all sports. USA Today answers any questions you might have about the technicalities.
London-listed bookmakers all saw their share prices soar after the news about PASPA, and William Hill, Paddy Power Betfair and 888 climbed by more than £1 billion in value. 888 runs poker books in three states and saw its value rise by 15%. William Hill is already a big player in Las Vegas and has a strong base from which to expand its operations into other states, and its value was up 10.7%, while Paddy Power Betfair has been making inroads and its shares went up 12.2%. There is much to be ironed out stateside, but established British bookmakers that have done well in markets like Australia are well placed to capitalise. Read more at The Guardian.
Bet365 owner Denise Coates paid herself the enormous salary of £200 million in the past year and also took a substantial bonus. It made her the highest-paid woman in Britain, and the Sunday Times Rich List put the value of her and her family at £5.75 billion. Bet365 continues to enjoy surging sales at home and abroad, although the family’s Premiership club, Stoke City, have just been relegated. The Sunday Times Rich List is here for subscribers.
Leading bookmakers William Hill and Betfred claimed that half of British betting shops could be shut down overnight if ministers reduce the minimum spin on virtual roulette machines from £100 to £2, costing thousands of jobs and denting Government coffers. The anti-gambling lobby is desperate to reduce the minimum spin, branding the machines “the crack cocaine of gambling”. The Star has more.
Spanish-based bookmaker Codere suffered declines to its revenue and operation profit during the first quarter of 2018. However, the losses stemmed from its Argentinean arm, while its Spanish and Italian performance was strong. Visit the website to find out more.
Fresh from an enormous takeover of Sky Bet, Canadian firm Stars Group has reported a 23% year-on-year increase in its revenues during the first quarter of 2018. The group runs Poker Stars and also runs Bet Stars in Europe, but Sky Bet makes it a massive player in the UK market now. Its shares also went through the roof after the PASPA decision as it is well placed in the US market. You can find its Q1 results and its reaction to the PASPA decision on its website.