US Gambling sector responds to PASPA repeal
The gambling industry has been bolstered in the United States by the repeal of PASPA, with many in the sector announcing gains to their share values and releasing articles explaining their company’s prior preparations and readiness to seize this once in a lifetime expansion opportunity.
US-based gambling sector companies such as Scientific Games, MGM, Caesars Entertainment, and Unikrn have already responded to the news with press releases championing their preparations for this day.
Scientific Games are a prime example of the buoyant market following Monday’s news which ended the US nationwide prohibition of sports betting. Their shares increased by over 15% in value within one day of PASPA’s repeal.
Commenting on the Supreme Court’s decision and its impact Matt Davey, Group Chief Executive of SG Digital, stated: “The market growth expected as a result of this decision will have lasting impact on the U.S. gaming and lottery industry, and on the revenues generated for the states that participate.
“While the ruling certainly benefits operators and suppliers, it’s also a fantastic development for bettors and players. Soon, they’ll have cohesive, legal, and regulated solutions that allow them to bet in a safe and protected betting environment.”
MGM Resorts International also wasted no time ensuring their investors that they were well prepared to start working with regulators to open up the sports betting market.
MGM’s press release stated: “Having spent decades building trust with regulators, successfully operating sports books in Nevada, and hosting the world’s leading sporting events, MGM Resorts International is extremely well positioned for a post-PASPA environment.”
Caesars Entertainment President and CEO, Mark Frissora, had a similar message for his company’s investors claiming: “The Supreme Court’s landmark PASPA ruling creates a golden opportunity to end illegal sports wagering once and for all by creating a well-regulated alternative that sports fans can trust. Caesars is a leader in legalized gaming in the U.S. As a result, we expect to be able to provide safe, exciting sports wagering experiences to consumers across the country, as we do today in Nevada.”
The decision also poises as an opportunity for smaller firms in the US such as Unikrn, an eSports wagering company backed by famous entrepreneur Mark Cuban. They have been improving their offering for a number of years in various regulated markets around the world waiting for the day PASPA was repealed.
Unikrn CEO, Rahul Sood, wrote on his blog: “In eSports, legal betting will undermine the betting pools that power skin-betting, illicit betting activity that reprehensibly sucks in minors and at-risk bettors with no regulation or know-your-customer (KYC) practices.”
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