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UK wagering companies gamble on US after sports betting wager ruling

5 June 2018

By Natalie Sherman

Business press reporter, New york city

It's high stakes for UK firms as sports betting wagering starts to spread out in America.

From Tuesday, new rules on sports betting entered result in Delaware, a small east coast state about 2 hours from Washington.

Neighbouring New Jersey could begin accepting sports betting bets as early as Friday.

The changes are the very first in what could end up being a wave of legalisation after the Supreme Court last month cleared the way for states to permit sports betting.

The industry sees a "as soon as in a generation" opportunity to develop a new market in sports betting-mad America, stated Dublin-based monetary analyst David Jennings, who heads leisure research study at Davy.

For UK firms, which are facing consolidation, increased online competitors and tougher guidelines from UK regulators, the timing is especially suitable.

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But the industry says counting on the US stays a dangerous bet, as UK business deal with complex state-by-state guideline and competition from entrenched regional interests.

"It's something that we're really focusing on, but equally we don't desire to overhype it," stated James Midmer, spokesman at Paddy Power Betfair, which just recently purchased the US fantasy sports betting website FanDuel.

'Require time'

The US represented about 23% of the world's $244bn (₤ 182bn) in video gaming earnings last year, according to a report by Technavio, external published in January.

Firms are hoping to use more of that activity after last month's choice, which struck down a 1992 federal law that barred states beyond Nevada and a few others from authorising sports betting wagering.

The ruling discovered the law was an over-reach of federal power. But the court it did not in fact legalise sports betting, leaving that concern to local lawmakers.

That is anticipated to cause substantial variation in how companies get accredited, where sports betting can occur, and which occasions are open to speculation - with big implications for the size of the market.

Potential profits varieties from $4.2 bn to practically $20bn yearly depending upon elements like the number of states move to legalise, Oxford Economics estimated in a 2017 research study for the American Gaming Association.

"There was a lot of 'this is going to be big'", stated Will Hawkley, London-based head of leisure for specialists KPMG.

Now, he stated: "I believe many people ... are looking at this as, 'it's an opportunity however it's not going to be $20bn and it's going to be state by state and it's going to require time'."

'Remains to be seen"

Chris Grove, handling director at Eilers & Krejcik Gaming, forecasts that 32 states will legalise sports betting in some type by 2023, producing a market with about $6bn in annual profits.

But bookmakers face a far different landscape in America than they do in the UK, where wagering stores are a regular sight.

US laws minimal sports betting mostly to Native American lands and Nevada's Las Vegas strip until reasonably recently.
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In the popular creativity, sports betting has long been linked to a 1919 baseball World Series match-fixing scandal.

States have actually also been slow to legalise numerous forms of online gambling, in spite of a 2011 Justice Department viewpoint that appeared to eliminate barriers.

While sports betting wagering is generally seen in its own classification, "it plainly remains to be seen whether it gets the type of think it will," said Keith Miller, law teacher at Drake University and co-author of a book about sports betting policy.
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David Carruthers is the former chief executive of BetonSports, who was detained in the US in 2006 for running an offshore online sportsbook and served prison time.

Now a specialist, he states UK firms ought to approach the market thoroughly, selecting partners with caution and avoiding missteps that could lead to regulator reaction.

"This is a chance for the American sports betting bettor ... I'm not exactly sure whether it is an opportunity for service," he says. "It actually depends on the result of [state] legislation and how business operators pursue the chance."

'It will be partnerships'

As legalisation begins, sports betting firms are lobbying to fend off high tax rates, as well as demands by US sports betting leagues, which wish to gather a percentage of income as an "stability charge".

International companies deal with the added difficulty of an effective existing video gaming industry, with casino operators, state-run lotteries and Native American people that are looking for to defend their grass.

Analysts say UK firms will need to strike collaborations, using their know-how and technology in order to make inroads.

They indicate SBTech's recent statement that it is offering technology for Kentucky Derby operator Churchill Downs as an example of the sort of deals likely to materialise.

"It will be a win-win for everyone, but it will be partnerships and it will be driven by technology," Mr Hawkley said.

'It will simply depend'

Joe Asher, president at William Hill US, is clear-eyed about the truths.

The business has been investing in the US market given that 2011, when it acquired three US firms to develop an existence in Nevada.

William Hill now employs about 450 individuals in the US and has revealed partnerships with gambling establishments in Iowa and New Jersey.

It works as danger manager for the Delaware Lottery and has actually invested millions together with a local developer in a New Jersey horse racing track.

Mr Asher said William Hill has become a family name in Nevada however that's not always the goal everywhere.

"We definitely plan to have an extremely significant brand presence in New Jersey," he stated. "In other states, it will just depend on guideline and possibly who our regional partner is."

"The US is going to be the greatest sports betting wagering market in the world," he included. "Obviously that's not going to happen on the first day."

More on this story

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