bet9ja-promo-code-yohaig

bit.ly
UK wagering firms bet on US after sports betting wager ruling
bit.ly
5 June 2018
bit.ly
By Natalie Sherman

Business reporter, New york city

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

From Tuesday, new rules on sports betting came into impact in Delaware, a small east coast state about two hours from Washington.
bet9ja.com
New Jersey could begin 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 way for states to enable sports betting.

The market sees a "as soon as in a generation" chance to establish a new market in sports betting-mad America, said Dublin-based financial analyst David Jennings, who heads leisure research study at Davy.

For UK firms, which are grappling with debt consolidation, increased online competition and tougher rules from UK regulators, the timing is especially opportune.

Why the gambling industry faces an uncertain future

How does illegal sports betting work and what are the fears?

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.

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

'Take some time'

The US accounted for about 23% of the world's $244bn (₤ 182bn) in gaming profits in 2015, according to a report by Technavio, external released in January.

Firms are hoping to use more of that activity after last month's choice, which struck down a 1992 federal law that disallowed states beyond 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 really legalise sports betting wagering, leaving that question to regional legislators.

That is expected to cause considerable variation in how companies get licensed, where sports betting can happen, and which events are open to speculation - with huge ramifications for the size of the market.

Potential income ranges from $4.2 bn to nearly $20bn yearly depending upon factors like how lots of states move to legalise, Oxford Economics estimated 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 consultants KPMG.

Now, he said: "I think many people ... 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 require time'."

'Remains to be seen"

Chris Grove, handling director at Eilers & Krejcik Gaming, anticipates that 32 states will legalise sports betting wagering in some kind by 2023, producing a market with about $6bn in annual profits.

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

US laws restricted sports betting largely to Native American lands and Nevada's Las Vegas strip until fairly recently.

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

States have also been slow to legalise lots of kinds of online gaming, despite a 2011 Justice Department opinion that appeared to eliminate obstacles.

While sports betting wagering is usually seen in its own category, "it plainly remains to be seen whether it gets the type of momentum people believe it will," said Keith Miller, law teacher at Drake University and co-author of a book about sports betting guideline.

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

Now a specialist, he states UK companies ought to approach the market thoroughly, selecting partners with caution and preventing bad moves that might cause regulator backlash.

"This is a chance for the American sports betting wagerer ... I'm not sure whether it is an opportunity for service," he states. "It really is dependent on the result of [state] legislation and how business operators pursue the chance."

'It will be partnerships'

As legalisation begins, 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 portion of profits as an "integrity fee".

International companies face the included challenge of a powerful existing gaming industry, with gambling establishment operators, state-run lotteries and Native American tribes that are looking for to defend their turf.

Analysts state UK firms will need to strike partnerships, offering their expertise and technology in order to make inroads.
bet9ja.com
They point to SBTech's recent announcement that it is supplying technology for Kentucky Derby operator Churchill Downs as an example of the kind of deals most likely to materialise.

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

'It will simply depend'

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

The company has been purchasing the US market since 2011, when it purchased 3 US companies to develop a presence in Nevada.

William Hill now employs about 450 individuals in the US and has announced collaborations with casinos in Iowa and New Jersey.

It works as danger supervisor for the Delaware Lottery and has invested millions together with a local designer 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 goal everywhere.

"We definitely plan to have an extremely considerable brand existence in New Jersey," he stated. "In other states, it will just depend on policy and possibly who our regional partner is."

"The US is going to be the biggest sports betting wagering market in the world," he included. "Obviously that's not going to occur on day one."

More on this story

US ruling opens way for sports betting wagering

14 May 2018
bet9ja.com
Paddy Power purchases fantasy sports betting site

23 May 2018
bet9ja.com