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UK wagering companies gamble on US after sports betting wager ruling

5 June 2018

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

From Tuesday, brand-new guidelines on wagering entered into effect in Delaware, a small east coast state about two hours from Washington.

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

The modifications are the first in what could end up being a wave of legalisation after the Supreme Court last month cleared the method for states to enable sports betting.

The market sees a "when in a generation" opportunity to establish a brand-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 facing debt consolidation, increased online competition and tougher rules from UK regulators, the timing is especially opportune.

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But the market states depending on the US remains a risky bet, as UK business face complex state-by-state guideline and competitors from entrenched regional interests.

"It's something that we're actually focusing on, however equally we don't desire to overhype it," stated James Midmer, spokesperson at Paddy Power Betfair, which just recently acquired the US dream sports betting website FanDuel.

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

Firms are hoping to take advantage of more of that activity after last month's decision, which overruled a 1992 federal law that barred states outside of Nevada and a few others from authorising sports betting.

The judgment found the law was an over-reach of federal power. But the court it did not really legalise sports betting wagering, leaving that concern to regional lawmakers.

That is anticipated to cause significant variation in how firms get licensed, where sports betting wagering can happen, and which occasions are open to speculation - with huge for the size of the market.

Potential income varieties from $4.2 bn to nearly $20bn yearly depending upon aspects like how numerous states move to legalise, Oxford Economics approximated in a 2017 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 specialists KPMG.

Now, he stated: "I believe the majority of people ... are taking a look at this as, 'it's a chance but 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, managing director at Eilers & Krejcik Gaming, anticipates that 32 states will legalise sports betting in some kind by 2023, creating a market with about $6bn in yearly revenue.

But bookmakers face a far various landscape in America than they perform in the UK, where wagering shops are a regular sight.

US laws limited gaming mainly to Native American lands and Nevada's Las Vegas strip until fairly just recently.

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

States have actually also been sluggish to legalise many kinds of online sports betting, in spite of a 2011 Justice Department viewpoint that appeared to get rid of obstacles.

While sports betting is usually seen in its own classification, "it clearly remains to be seen whether it gets the sort of momentum individuals believe it will," said Keith Miller, law professor at Drake University and co-author of a book about sports betting wagering policy.

David Carruthers is the former chief executive of BetonSports, who was arrested in the US in 2006 for running an offshore online sportsbook and served jail time.

Now an expert, he says UK firms ought to approach the market thoroughly, selecting partners with care and preventing errors that might result in regulator reaction.

"This is an opportunity for the American sports betting gambler ... I'm uncertain whether it is a chance for service," he says. "It truly depends on the result of [state] legislation and how the company operators pursue the chance."
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'It will be partnerships'
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As legalisation begins, sports betting companies are lobbying to ward off high tax rates, as well as demands by US sports betting leagues, which wish to collect a percentage of revenue as an "integrity charge".

International companies deal with the added challenge of an effective existing video gaming industry, with casino operators, state-run lottery games and Native American people that are seeking to safeguard their turf.

Analysts say UK firms will need to strike collaborations, using their competence and technology 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 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 innovation," Mr Hawkley said.

'It will simply depend'

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

The company has been purchasing the US market because 2011, when it bought three US firms to develop a presence in Nevada.

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

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

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

"We definitely plan to have a very considerable brand presence in New Jersey," he said. "In other states, it will just depend on policy and potentially who our regional partner is."
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"The US is going to be the most significant sports betting wagering market in the world," he added. "Obviously that's not going to take place on the first day."

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