William Hill CEO hails US sports betting opportunity

William Hill CEO Philip Bowcock has hailed the company’s US growth opportunities after the country’s Supreme Court agreed to hear a case on the legalisation of sports betting.

The case pits New Jersey against the US professional sports leagues which claim the state’s attempts to legalise betting violate the federal law PASPA.

Should New Jersey triumph it would be allowed to offer legal sports betting at its casinos and racetracks, with other states encouraged to pass similar legislation.

The Garden State’s chances of success look relatively promising, with the Supreme Court overturning 45 of the 54 (83%) federal court decisions it heard in 2016.

The oral arguments before the court are expected by December this year with a final decision due by the middle of 2018.

And Hills CEO Philip Bowcock said the news was a “welcome development” for the company, which is already the largest sports betting operator in Nevada.

“It is time that it was recognised that PASPA has failed as a law,” Bowcock said. “We believe it is right that all parties, including the American sports leagues, now come together and establish a new framework of regulation.

“That will enable sports betting to be enjoyed by millions of Americans. At the same time more than 100,000 jobs could be created and billions of tax raised.

“William Hill is now Nevada’s leading sports betting company and we stand ready to take advantage of an opening up of the sports betting market in other states.”

Hills already holds a partnership with Monmouth Park racetrack in New Jersey to launch a sportsbook as soon as it is legally viable.

Despite the news, Hills’ share price dived to a 12-month low on Tuesday after Investec warned poor financial results could be on the way thanks to punter-friendly sports results in recent months and a tough comparable period last year thanks to Euro 2016.

Shares rebounded somewhat Wednesday morning, up 3.5% to 259p.