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UK sports betting companies gamble on US after sports betting wager judgment

5 June 2018

By Natalie Sherman

Business press reporter, New York

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

From Tuesday, new rules on wagering came into result in Delaware, a tiny east coast state about two hours from Washington.

Neighbouring New Jersey could begin 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 enable sports betting wagering.

The market sees a "once 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 at Davy.

For UK firms, which are coming to grips with consolidation, increased online competitors and tougher rules from UK regulators, the timing is especially suitable.

Why the gaming market deals with an unsure future

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But the industry says depending on the US remains a risky bet, as UK business deal with complicated state-by-state regulation and competition from established local interests.

"It's something that we're really concentrating on, but equally we don't desire to overhype it," stated James Midmer, spokesman at Paddy Power Betfair, which recently acquired the US dream 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 released 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 discovered the law was an over-reach of federal power. But the court it did not really legalise sports betting wagering, leaving that concern to local legislators.
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That is expected to lead to considerable variation in how companies get certified, where sports betting wagering can occur, and which occasions are open to speculation - with huge ramifications for the size of the marketplace.

Potential profits ranges from $4.2 bn to nearly $20bn each year depending upon aspects like the number of states transfer to legalise, Oxford Economics approximated in a 2017 research study for the American Gaming Association.

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

Now, he stated: "I think many people ... are taking a look 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 some time'."

'Remains to be seen"

Chris Grove, managing 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 yearly revenue.

But bookmakers deal with a far various landscape in America than they perform in the UK, where wagering shops are a regular sight.
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US laws minimal gambling largely to Native American lands and Nevada's Las Vegas strip till fairly recently.

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

States have likewise been slow to legalise numerous forms of online sports betting, despite a 2011 Justice Department viewpoint that appeared to remove barriers.
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While sports betting is usually seen in its own category, "it clearly stays to be seen whether it gets the type of momentum individuals believe it will," said Keith Miller, law teacher at Drake University and co-author of a book about sports betting regulation.

David Carruthers is the former president of BetonSports, who was apprehended in the US in 2006 for running an overseas online sportsbook and served prison time.

Now an expert, he states UK firms ought to approach the market carefully, picking partners with care and preventing errors that might 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 business," he says. "It actually depends on the result of [state] legislation and how the organization operators pursue the chance."

'It will be partnerships'

As legalisation begins, sports betting firms are lobbying to ward off high tax rates, in addition to demands by US sports betting leagues, which desire to collect a portion of income as an "stability charge".

International business deal with the included obstacle of a powerful existing gaming industry, with casino operators, state-run lottos and Native American people that are seeking to defend their turf.

Analysts state UK companies will need to strike collaborations, using their know-how and innovation in order to make inroads.

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

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

'It will simply depend'

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

The company has actually been investing in the US market considering that 2011, when it purchased 3 US firms to develop a presence in Nevada.

William Hill now employs about 450 people in the US and has announced partnerships with casinos in Iowa and New Jersey.

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

Mr Asher said William Hill has ended up being a home name in Nevada however that's not always the objective all over.

"We certainly plan to have an extremely considerable brand name existence in New Jersey," he stated. "In other states, it will just depend on policy and potentially who our local 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 occur on the first day."

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