US Supreme Court struck down a federal law banning the practice of legalised sports (14 May 2018).
Bookmakers and gaming companies were higher on the news that the US Supreme Court struck down a federal law banning the practice of legalised sports gambling in New Jersey.
In a 7-2 ruling, the Supreme Court said the act unlawfully “commandeered” states’ right to legislate on matters not expressly reserved to the federal government in the constitution.
In 2014, the state of New Jersey had tried to strike down a law prohibiting gambling on college sports at horseracing tracks and casinos, however sports leagues had blocked the move, arguing that at the district and appellate level that the New Jersey had violated a 1992 law passed by Congress called the Professional and Amateur Sports Protection Act.
Paddy Power Betfair ended as the best blue chip performer, up 12%, while midcap peers 888 Holdings, William Hill and GVC Holdings closed up 16%, 11% and 7.4% respectively.
Here are some of the key fundamentals for WMH.
|Revenue (£ m)||1486.50||1609.30||1590.90||1603.80||1711.10|
|Pre-Tax (£ m)||253.60||232.90||182.00||179.80||-75.60|
The +/- 3 st dev range is 245 – 375 (35%). Expect a further 20% upside to the share price.
Completion of disposal of William Hill Australia (23 April 2018)
William Hill PLC (LSE: WMH) confirms, further to the announcement on 6 March 2018 that a binding agreement had been reached with CrownBet Holdings Pty Limited for the sale of William Hill Australia, that the disposal formally completed today following receipt of regulatory approvals from the Foreign Investment Review Board and the Northern Territory Racing Commission.
About William Hill
William Hill, The Home of Betting, is one of the world’s leading betting and gaming companies, employing around 16,000 people. Founded in 1934, it is the one of the UK’s largest bookmakers with around 2,340 licensed betting offices that provide betting opportunities on a wide range of sporting and non-sporting events, and gaming on machines, providing customers with the opportunity to access William Hill’s products online, through their smartphone or tablet. William Hill US was established in June 2012 and provides land-based and mobile sports betting services in Nevada, and is the exclusive risk manager for the State of Delaware’s sports lottery. William Hill PLC is listed on the London Stock Exchange and is a member of both the FTSE 250 and FTSE4Good Indices.