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

By Natalie Sherman

Business press reporter, New york city

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

From Tuesday, brand-new guidelines on sports betting came into result in Delaware, a small east coast state about 2 hours from Washington.

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

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

The market sees a "as soon as in a generation" opportunity to develop a new market in sports betting-mad America, said Dublin-based financial expert David Jennings, who heads leisure research study at Davy.
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For UK firms, which are grappling with debt consolidation, increased online competitors and tougher guidelines from UK regulators, the timing is particularly opportune.

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But the market says counting on the US remains a dangerous bet, as UK business deal with complex state-by-state policy and competitors from entrenched local interests.

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

'Require time'

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

Firms are wanting to take advantage of more of that activity after last month's decision, which struck down a 1992 federal law that barred states beyond Nevada and a couple of others from authorising sports betting.

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 legislators.

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

Potential earnings varieties from $4.2 bn to almost $20bn each year depending on factors like the number of states move 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 experts KPMG.

Now, he said: "I think the majority of people ... are looking at this as, 'it's an opportunity but 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"
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Chris Grove, managing director at Eilers & Krejcik Gaming, predicts that 32 states will legalise sports betting in some type by 2023, creating a market with about $6bn in yearly profits.

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

US laws restricted betting mainly to Native American lands and Nevada's Las Vegas strip up until fairly just recently.

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

States have actually also been slow to legalise lots of forms of online betting, regardless of a 2011 Justice Department viewpoint that appeared to eliminate obstacles.

While sports betting wagering is typically seen in its own category, "it plainly remains to be seen whether it gets the sort of momentum people think it will," stated Keith Miller, law teacher 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 offshore online sportsbook and served jail time.

Now a specialist, he says UK companies must approach the market carefully, selecting partners with care and avoiding mistakes that might result in regulator reaction.

"This is a chance for the American sports betting bettor ... I'm uncertain whether it is an opportunity for business," he states. "It actually is dependent on the result of [state] and how the organization operators pursue the opportunity."

'It will be partnerships'

As legalisation starts, sports betting firms are lobbying to ward off high tax rates, in addition to demands by US sports betting leagues, which desire to gather a percentage of earnings as an "integrity charge".

International business face the added obstacle of a powerful existing video gaming industry, with casino operators, state-run lottos and Native American people that are seeking to safeguard their turf.

Analysts state UK firms will require to strike collaborations, providing their expertise and technology in order to make inroads.

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

"It will be a win-win for everyone, however 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 business has been buying the US market considering that 2011, when it bought 3 US firms to develop an existence in Nevada.

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

It works as threat supervisor for the Delaware Lottery and has actually invested millions along with a regional 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 everywhere.

"We certainly mean to have an extremely considerable brand name presence in New Jersey," he said. "In other states, it will simply depend upon regulation and potentially who our local partner is."
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"The US is going to be the most significant sports betting wagering market in the world," he included. "Obviously that's not going to occur on day one."

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