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UK sports betting companies gamble on US after sports betting wager judgment
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5 June 2018

By Natalie Sherman
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Business reporter, New York

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

From Tuesday, new rules on wagering entered into effect in Delaware, a tiny east coast state about 2 hours from Washington.

Neighbouring New Jersey might start accepting sports betting bets as early as Friday.

The changes are the 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 wagering.

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

For UK companies, which are coming to grips with debt consolidation, increased online competition and tougher guidelines from UK regulators, the timing is particularly suitable.

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But the industry states counting on the US stays a dangerous bet, as UK companies deal with complicated state-by-state policy and competition from established local interests.

"It's something that we're actually concentrating on, however similarly we do not want to overhype it," said James Midmer, spokesperson at Paddy Power Betfair, which recently purchased the US fantasy sports betting website FanDuel.

'Take time'

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

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

The judgment found the law was an over-reach of federal power. But the court it did not actually legalise sports betting, leaving that concern to local legislators.

That is anticipated to cause considerable variation in how firms get accredited, where sports betting can happen, and which occasions are open to speculation - with big ramifications for the size of the marketplace.

Potential revenue varieties from $4.2 bn to almost $20bn yearly depending on aspects like how lots of states relocate to legalise, Oxford Economics in a 2017 study for the American Gaming Association.

"There was a lot of 'this is going to be substantial'", said Will Hawkley, London-based head of leisure for experts KPMG.

Now, he said: "I think many people ... are looking at this as, 'it's a chance however it's not going to be $20bn and it's going to be state by state and it's going to take time'."

'Remains to be seen"

Chris Grove, handling director at Eilers & Krejcik Gaming, forecasts that 32 states will legalise sports betting wagering in some kind by 2023, creating a market with about $6bn in annual income.
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But bookmakers face a far different landscape in America than they perform in the UK, where wagering stores are a regular sight.

US laws limited gambling mostly to Native American lands and Nevada's Las Vegas strip until fairly recently.

In the popular imagination, sports betting has actually long been linked to a 1919 baseball World Series match-fixing scandal.

States have actually also been slow to legalise many types of online gambling, in spite of a 2011 Justice Department opinion that appeared to remove barriers.

While sports betting is generally viewed in its own classification, "it plainly remains to be seen whether it gets the sort of momentum people think it will," stated Keith Miller, law teacher at Drake University and co-author of a book about sports betting wagering guideline.

David Carruthers is the previous president of BetonSports, who was jailed in the US in 2006 for running an overseas online sportsbook and served jail time.

Now a consultant, he states UK firms should approach the marketplace thoroughly, choosing partners with caution and preventing errors that could lead to regulator reaction.

"This is a chance for the American sports betting wagerer ... I'm unsure whether it is a chance for service," he states. "It truly depends on the result of [state] legislation and how business operators pursue the opportunity."

'It will be collaborations'

As legalisation begins, sports betting wagering firms are lobbying to ward off high tax rates, as well as demands by US sports betting leagues, which wish to collect a portion of revenue as an "stability charge".

International business face the included obstacle of an effective existing video gaming market, with gambling establishment operators, state-run lottos and Native American tribes that are looking for to protect their grass.

Analysts state UK companies will need to strike partnerships, providing their know-how and technology in order to make inroads.

They indicate SBTech's current statement that it is supplying innovation for Kentucky Derby operator Churchill Downs as an example of the kind of deals most likely to materialise.

"It will be a win-win for everybody, however it will be collaborations and it will be driven by innovation," Mr Hawkley said.

'It will simply depend'
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Joe Asher, president at William Hill US, is clear-eyed about the realities.

The company has been purchasing the US market given that 2011, when it purchased 3 US firms to establish a presence in Nevada.

William Hill now utilizes about 450 people in the US and has actually announced collaborations with casinos in Iowa and New Jersey.

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

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

"We certainly intend to have a very significant brand name presence in New Jersey," he stated. "In other states, it will simply depend on guideline and possibly who our regional partner is."

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

More on this story

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