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UK wagering gamble on US after sports betting wager judgment

5 June 2018

By Natalie Sherman

Business press reporter, New York

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

From Tuesday, new guidelines on sports betting entered effect in Delaware, a tiny east coast state about 2 hours from Washington.

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

The modifications are the first in what might end up being a wave of legalisation after the Supreme Court last month cleared the way for states to permit sports betting wagering.

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

For UK companies, which are facing combination, increased online competition and tougher guidelines from UK regulators, the timing is especially suitable.

Why the gaming market faces an unsure future

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But the market says depending on the US stays a risky bet, as UK business deal with complicated state-by-state policy and competition from entrenched local interests.

"It's something that we're truly concentrating on, however equally we don't wish to overhype it," stated James Midmer, representative at Paddy Power Betfair, which just recently purchased 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 intending to take advantage of more of that activity after last month's decision, which struck down a 1992 federal law that barred states outside of Nevada and a few others from authorising sports betting wagering.

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 expected to result in considerable variation in how firms get licensed, where sports betting can take place, and which occasions are open to speculation - with big implications for the size of the marketplace.

Potential revenue varieties from $4.2 bn to nearly $20bn yearly depending upon elements like how many 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 substantial'", stated Will Hawkley, London-based head of leisure for specialists KPMG.

Now, he said: "I think 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, anticipates that 32 states will legalise sports betting in some form by 2023, producing a market with about $6bn in yearly revenue.

But bookmakers face a far various landscape in America than they do in the UK, where wagering stores are a frequent sight.

US laws minimal gambling mostly to Native American lands and Nevada's Las Vegas strip until fairly recently.

In the popular creativity, 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 gaming, in spite of a 2011 Justice Department opinion that appeared to get rid of barriers.
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While sports betting is generally viewed in its own category, "it plainly remains to be seen whether it gets the kind of momentum people think it will," stated Keith Miller, law professor at Drake University and co-author of a book about sports betting wagering policy.

David Carruthers is the former president of BetonSports, who was jailed in the US in 2006 for running an overseas online sportsbook and served prison time.

Now an expert, he states UK companies need to approach the market thoroughly, picking partners with care and avoiding errors that might lead to regulator reaction.

"This is a chance for the American sports betting wagerer ... I'm unsure whether it is a chance for organization," he states. "It actually is reliant on the result of [state] legislation and how business operators pursue the chance."

'It will be collaborations'
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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 desire to collect a portion of revenue as an "integrity charge".

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

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

They point to SBTech's current announcement that it is supplying technology for Kentucky Derby operator Churchill Downs as an example of the type of offers likely to materialise.

"It will be a win-win for everybody, however it will be partnerships and it will be driven by technology," Mr Hawkley said.

'It will simply depend'

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

The company has been purchasing the US market since 2011, when it acquired three US firms to develop an existence in Nevada.

William Hill now utilizes about 450 people in the US and has actually announced partnerships with gambling establishments in Iowa and New Jersey.

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

Mr Asher stated William Hill has ended up being a home name in Nevada but that's not necessarily the goal all over.

"We definitely mean to have a very significant brand name existence in New Jersey," he said. "In other states, it will simply depend on policy and potentially who our local 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 take place on day one."

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