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UK sports betting companies bet on US after sports betting wager judgment
bit.ly
5 June 2018
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By Natalie Sherman

Business press reporter, New york city

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

From Tuesday, new guidelines on wagering came into effect in Delaware, a tiny east coast state about 2 hours from Washington.
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Neighbouring New Jersey might start accepting sports betting bets as early as Friday.

The changes are the very first in what might become 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" chance to establish a brand-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 facing consolidation, increased online competitors and harder rules from UK regulators, the timing is particularly appropriate.

Why the gambling market faces an uncertain future

How does prohibited sports betting wagering work and what are the worries?

But the market states relying on the US stays a dangerous bet, as UK companies deal with complex state-by-state regulation and competition from established regional interests.

"It's something that we're truly focusing on, but equally we do not want to overhype it," said James Midmer, spokesman at Paddy Power Betfair, which just recently the US fantasy sports betting site FanDuel.

'Require time'

The US accounted for about 23% of the world's $244bn (₤ 182bn) in video gaming profits in 2015, according to a report by Technavio, external released in January.

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

The ruling found the law was an over-reach of federal power. But the court it did not actually legalise sports betting wagering, leaving that question to local lawmakers.

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

Potential income varieties from $4.2 bn to nearly $20bn annually depending on aspects like the number of states transfer 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 huge'", stated Will Hawkley, London-based head of leisure for experts KPMG.

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

'Remains to be seen"

Chris Grove, handling director at Eilers & Krejcik Gaming, anticipates that 32 states will legalise sports betting wagering in some form by 2023, creating a market with about $6bn in annual revenue.

But bookies deal with a far different landscape in America than they do in the UK, where sports betting stores are a regular sight.

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

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

States have also been sluggish to legalise numerous kinds of online gaming, despite a 2011 Justice Department opinion that appeared to get rid of obstacles.

While sports betting is usually viewed in its own classification, "it plainly remains to be seen whether it gets the kind of momentum individuals believe it will," said Keith Miller, law teacher at Drake University and co-author of a book about sports betting guideline.

David Carruthers is the former chief executive of BetonSports, who was jailed in the US in 2006 for running an overseas online sportsbook and served jail time.
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Now a specialist, he states UK companies need to approach the marketplace carefully, selecting partners with caution and preventing mistakes that could lead to regulator backlash.

"This is a chance for the American sports betting wagerer ... I'm not sure whether it is an opportunity for business," he states. "It really is dependent on the outcome of [state] legislation and how business operators pursue the chance."

'It will be collaborations'

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

International business face the added obstacle of an effective existing gaming market, with casino operators, state-run lottery games and Native American tribes that are looking for to protect their turf.

Analysts state UK companies will require to strike collaborations, offering their expertise and technology in order to make inroads.

They indicate SBTech's recent statement 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 everybody, however it will be partnerships and it will be driven by innovation," Mr Hawkley stated.

'It will simply depend'

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

The company has actually been investing in the US market considering that 2011, when it acquired three US companies to develop a presence in Nevada.

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

It works as danger supervisor for the Delaware Lottery and has actually invested millions alongside a regional designer in a New Jersey horse racing track.

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

"We certainly mean to have an extremely considerable brand name existence in New Jersey," he stated. "In other states, it will simply depend on guideline and potentially who our regional partner is."

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

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