Gambling shares rise on PASPA ruling

Shares in gambling stocks rose on Monday (14 May 2018) after the US Supreme Court ruled that the Professional and Amateur Sports Protection Act (PASPA) was not consistent with the US Constitution. The ruling enables individual US states to regulate sports betting if they so wish.

Shortly after the announcement, William Hill’s shares were up 8.5%, Paddy Power Betfair was up 7.4%, GVC Holdings was up  4.2%, and the Stars Group 11.8%. All are seen as companies which could benefit from the regulation of sports betting in the US.

In the US, Scientific Games’ share rose 10.0%, Caesars Entertainment was up 6.1%, Churchill Downs’ shares rose 3.7% and Boyd Gaming 3.2%. But some of the Las Vegas, Nevada based gaming companies had a slight drop in price, perhaps on the view that they were losing their near monopoly on sports betting: LVS down 1%; Wynn Resorts down 1.9%.

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