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UK sports betting firms bet on US after sports betting wager ruling

5 June 2018

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

From Tuesday, brand-new guidelines on sports betting entered into impact in Delaware, a tiny east coast state about two hours from Washington.
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Neighbouring New Jersey could start accepting sports betting bets as early as Friday.

The changes are the very first in what could become a wave of legalisation after the Supreme Court last month cleared the method for states to allow sports betting wagering.

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

For UK companies, which are coming to grips with combination, increased online competitors and tougher rules from UK regulators, the timing is especially opportune.

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But the market states relying on the US remains a dangerous bet, as UK companies face complicated state-by-state policy and competitors from entrenched local interests.

"It's something that we're actually focusing on, but similarly we do not wish to overhype it," said James Midmer, representative at Paddy Power Betfair, which recently acquired the US dream sports betting website FanDuel.

'Require time'

The US accounted for 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 take advantage of more of that activity after last month's decision, which overruled a 1992 that barred states beyond Nevada and a few others from authorising sports betting.

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

That is expected to lead to considerable variation in how companies get certified, where sports betting can take place, and which occasions are open to speculation - with huge implications for the size of the market.

Potential profits varieties from $4.2 bn to almost $20bn yearly depending on elements like how many states transfer to legalise, Oxford Economics approximated in a 2017 research study for the American Gaming Association.

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

Now, he stated: "I believe many individuals ... 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, managing director at Eilers & Krejcik Gaming, predicts that 32 states will legalise sports betting in some kind 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 sports betting shops are a frequent sight.

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

States have also been sluggish to legalise many forms of online gambling, despite a 2011 Justice Department viewpoint that appeared to get rid of barriers.

While sports betting is typically viewed in its own classification, "it clearly remains to be seen whether it gets the type of momentum people believe it will," stated Keith Miller, law teacher at Drake University and co-author of a book about sports betting guideline.
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David Carruthers is the previous president of BetonSports, who was jailed in the US in 2006 for running an offshore online sportsbook and served prison time.

Now an expert, he says UK firms should approach the market carefully, choosing partners with caution and preventing errors that might cause regulator backlash.

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

'It will be collaborations'

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

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

Analysts say UK firms will need to strike collaborations, offering their knowledge and technology in order to make inroads.

They point to SBTech's current statement that it is offering technology for Kentucky Derby operator Churchill Downs as an example of the type of deals most likely to materialise.

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

'It will simply depend'

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

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

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

It works as threat supervisor 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 ended up being a home name in Nevada but that's not necessarily the goal everywhere.

"We definitely mean to have an extremely significant brand name presence in New Jersey," he stated. "In other states, it will just depend upon regulation and potentially who our regional partner is."

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

US ruling opens way for sports betting