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UK sports betting firms gamble on US after sports betting wager judgment
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5 June 2018

By Natalie Sherman

Business reporter, New York

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

From Tuesday, new rules on wagering came into effect 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 changes are the very 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 wagering.

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

For UK companies, which are facing consolidation, increased online competitors and tougher guidelines from UK regulators, the timing is especially opportune.

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But the industry states counting on the US remains a risky bet, as UK business deal with complicated state-by-state policy and competitors from entrenched regional interests.

"It's something that we're really concentrating on, but similarly we do not desire to overhype it," said James Midmer, representative at Paddy Power Betfair, which just recently bought the US dream sports betting site FanDuel.

'Take some time'

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

Firms are wanting to use more of that activity after last month's decision, which overruled a 1992 federal law that barred 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 actually legalise sports betting wagering, leaving that concern to local legislators.

That is anticipated to result in substantial variation in how firms get certified, where sports betting can occur, and which occasions are open to speculation - with big implications for the size of the marketplace.

Potential earnings ranges from $4.2 bn to practically $20bn annually depending on factors like how many states move to legalise, Oxford Economics estimated in a 2017 study for the American Gaming Association.

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

Now, he stated: "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 time'."

'Remains to be seen"

Chris Grove, managing director at Eilers & Krejcik Gaming, forecasts that 32 states will legalise sports betting in some type by 2023, developing a market with about $6bn in yearly income.

But bookmakers deal with a far various landscape in America than they carry out in the UK, where sports betting shops are a frequent sight.

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

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

States have actually likewise been sluggish to legalise numerous kinds of online gaming, in spite of a 2011 Justice Department viewpoint that appeared to remove barriers.

While sports betting wagering is typically seen in its own category, "it clearly remains to be seen whether it gets the kind of momentum individuals think it will," stated Keith Miller, law professor at Drake University and co-author of a book about sports betting wagering guideline.

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

Now an expert, he states UK firms must approach the market carefully, picking partners with care and preventing errors that could result in regulator backlash.

"This is a chance for the American sports betting bettor ... I'm unsure whether it is a chance for business," he states. "It truly is dependent on the outcome of [state] legislation and how business operators pursue the chance."

'It will be collaborations'

As legalisation starts, sports betting firms are lobbying to fend off high tax rates, in addition to requests by US sports betting leagues, which want to collect a portion of earnings as an "integrity cost".

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

Analysts state UK firms will need to strike collaborations, using their expertise and innovation in order to make inroads.

They indicate SBTech's recent statement that it is offering technology for Kentucky Derby operator Churchill Downs as an example of the sort of deals most likely to materialise.

"It will be a win-win for everybody, but it will be partnerships 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 business has been buying the US market considering that 2011, when it purchased three US companies to establish a presence in Nevada.

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

It works as risk supervisor for the Delaware Lottery and has actually invested millions alongside a regional developer in a New Jersey horse racing track.

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

"We definitely plan to have a really considerable brand name existence in New Jersey," he said. "In other states, it will just depend upon guideline and potentially who our regional partner is."

"The US is going to be the most significant sports betting market on the planet," he included. "Obviously that's not going to happen on day one."

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