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UK wagering firms bet on US after sports betting wager judgment
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5 June 2018
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By Natalie Sherman

Business press reporter, New York

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

From Tuesday, new rules on sports betting entered impact in Delaware, a small east coast state about 2 hours from Washington.

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

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

The industry sees a "once in a generation" chance to develop a brand-new market in sports betting-mad America, stated Dublin-based monetary expert David Jennings, who heads leisure research at Davy.
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For UK firms, which are with debt consolidation, increased online competitors and harder 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 companies deal with complicated state-by-state regulation and competitors from established local interests.

"It's something that we're actually concentrating on, however similarly we do not desire to overhype it," stated James Midmer, spokesperson at Paddy Power Betfair, which just recently purchased the US dream sports betting website FanDuel.

'Require time'

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

Firms are intending to tap into more of that activity after last month's choice, which struck down a 1992 federal law that disallowed states outside of Nevada and a couple of others from authorising sports betting.
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The judgment discovered the law was an over-reach of federal power. But the court it did not in fact legalise sports betting, leaving that concern to regional legislators.

That is anticipated to result in 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 market.

Potential earnings ranges from $4.2 bn to practically $20bn each year depending on factors like the number of states transfer to legalise, Oxford Economics approximated in a 2017 study for the American Gaming Association.

"There was a great deal of 'this is going to be substantial'", said Will Hawkley, London-based head of leisure for specialists 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, managing director at Eilers & Krejcik Gaming, predicts that 32 states will legalise sports betting in some kind by 2023, developing a market with about $6bn in yearly income.

But bookmakers deal with a far different landscape in America than they do in the UK, where wagering shops are a frequent sight.

US laws restricted gaming mostly to Native American lands and Nevada's Las Vegas strip till fairly recently.

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

States have likewise been slow to legalise numerous forms of online gambling, despite a 2011 Justice Department viewpoint that appeared to remove obstacles.

While sports betting is generally seen in its own classification, "it plainly remains to be seen whether it gets the sort of momentum people believe it will," stated Keith Miller, law teacher at Drake University and co-author of a book about sports betting wagering regulation.

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

Now a specialist, he says UK companies must approach the marketplace thoroughly, choosing partners with care and preventing errors that could cause regulator reaction.

"This is an opportunity for the American sports betting gambler ... I'm uncertain whether it is a chance for company," he states. "It really is dependent on the outcome of [state] legislation and how the business operators pursue the opportunity."

'It will be collaborations'

As legalisation starts, sports betting wagering firms are lobbying to fend off high tax rates, as well as requests by US sports betting leagues, which want to gather a portion of revenue as an "integrity fee".

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

Analysts say UK companies will need to strike partnerships, using their proficiency and technology in order to make inroads.

They point to SBTech's current announcement 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 everyone, however it will be collaborations and it will be driven by innovation," Mr Hawkley stated.

'It will just depend'

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

The company has been buying the US market considering that 2011, when it purchased three US companies to develop an existence 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 threat manager for the Delaware Lottery and has actually invested millions together with a local developer in a New Jersey horse racing track.

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

"We definitely plan to have a very significant brand existence in New Jersey," he stated. "In other states, it will simply depend on guideline and potentially who our local partner is."

"The US is going to be the greatest 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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