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UK sports betting companies gamble on US after sports betting wager judgment
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5 June 2018
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It's high stakes for UK firms as sports betting wagering starts to spread in America.

From Tuesday, brand-new rules on wagering came into impact in Delaware, a small east coast state about two hours from Washington.

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

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

The market sees a "when in a generation" chance to establish a brand-new market in sports betting-mad America, stated Dublin-based financial analyst David Jennings, who heads leisure research study 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.

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But the industry states relying on the US remains a dangerous bet, as UK companies deal with complex state-by-state policy and competition from entrenched regional interests.
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"It's something that we're really concentrating on, however equally we don't desire to overhype it," said James Midmer, spokesman at Paddy Power Betfair, which just recently bought the US fantasy sports betting site FanDuel.

'Take time'

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

Firms are wishing to tap into more of that activity after last month's decision, which struck down a 1992 federal law that disallowed states beyond 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, leaving that concern to local legislators.

That is anticipated to cause significant variation in how companies get certified, where sports betting wagering can take place, and which occasions are open to speculation - with huge ramifications for the size of the marketplace.

Potential income varieties from $4.2 bn to nearly $20bn yearly depending on factors like how many states relocate to legalise, Oxford Economics estimated in a 2017 research study for the American Gaming Association.

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

Now, he said: "I believe many people ... are looking 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 some 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 profits.

But bookies deal with a far different landscape in America than they perform in the UK, where wagering shops are a regular sight.

US laws restricted sports betting mostly to Native American lands and Nevada's Las Vegas strip up until relatively recently.

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

States have also been slow to legalise many forms of online gaming, in spite of a 2011 Justice Department opinion that appeared to remove challenges.

While sports betting is normally seen in its own category, "it plainly stays to be seen whether it gets the sort of momentum people think it will," said Keith Miller, law professor at Drake University and co-author of a book about sports betting regulation.

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 prison time.

Now a specialist, he says UK firms need to approach the marketplace thoroughly, picking partners with caution and avoiding bad moves that might result in regulator backlash.

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

'It will be partnerships'

As legalisation starts, sports betting wagering companies are lobbying to ward off high tax rates, along with requests by US sports betting leagues, which wish to gather a percentage of revenue as an "integrity charge".

International companies deal with the added obstacle of a powerful existing gaming market, with casino operators, state-run lottos and Native American tribes that are seeking to protect their turf.

Analysts state UK firms will require to strike collaborations, offering their knowledge and innovation in order to make inroads.

They point to SBTech's current statement that it is providing 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 technology," Mr Hawkley stated.

'It will just depend'

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

The business has been buying the US market since 2011, when it purchased 3 US companies to establish a presence in Nevada.

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

It works as threat supervisor for the Delaware Lottery and has invested millions together with a regional designer in a New Jersey horse racing track.

Mr Asher stated William Hill has actually become a home name in Nevada however that's not always the objective all over.

"We definitely plan to have a really substantial brand existence in New Jersey," he stated. "In other states, it will just depend upon regulation and potentially who our local partner is."

"The US is going to be the greatest sports betting market worldwide," he added. "Obviously that's not going to occur on day one."

US ruling opens way for sports betting