Shares in bookies surge after US court ruling

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Shares in bookies surge after US court ruling

Shares in sports betting firms surged this morning after the US Supreme Court effectively struck down the federal law banning sports betting yesterday. A number of AIM-listed firms have shot upwards so far today with GAN (LON:GAN) up by 15.48% to 45.50p and Webis Holdings (LON:WEB) climbing 65% to 4.29p as of 13:20 BST.

It wasn’t just limited to the smaller firms either, with William Hill (LON:WMH) up from 276p before the decision was announced yesterday afternoon to 313.40p at today’s open, although the shares have fallen back a little this morning.

Greg Johnson, a travel and leisure equity analyst at Shore Capital, warned that the initial price movements may be a little over-exuberant and said that, “We suspect that the next few years are likely to be an investment phase with little meaningful profit contribution expected for operators”.

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