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

By Natalie Sherman

Business press reporter, New York

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

From Tuesday, new rules on wagering entered result in Delaware, a tiny east coast state about two hours from Washington.

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

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

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

For UK firms, which are grappling with debt consolidation, increased online competition and tougher guidelines from UK regulators, the timing is particularly appropriate.

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But the industry states counting on the US stays a risky bet, as UK companies face complicated state-by-state policy and competitors from entrenched local interests.

"It's something that we're truly concentrating on, but similarly we don't desire to overhype it," said James Midmer, spokesperson 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 income last year, according to a report by Technavio, external published in January.

Firms are wishing to tap into more of that activity after last month's decision, which struck down a 1992 federal law that disallowed states outside of Nevada and a couple of others from authorising sports betting wagering.

The ruling discovered the law was an over-reach of federal power. But the court it did not really legalise sports betting wagering, leaving that concern to local legislators.

That is anticipated to cause substantial variation in how firms get certified, where sports betting wagering can occur, and which events are open to speculation - with huge ramifications for the size of the market.

Potential profits varieties from $4.2 bn to nearly $20bn each year depending on elements like the number of 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 substantial'", said Will Hawkley, London-based head of leisure for specialists KPMG.

Now, he said: "I believe most individuals ... are taking a look at this as, 'it's a chance 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 type by 2023, developing a market with about $6bn in yearly income.

But bookies face a far various landscape in America than they carry out in the UK, where wagering shops are a frequent sight.
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US laws restricted gambling mostly to Native American lands and Nevada's Las Vegas strip up until fairly recently.

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

States have actually likewise been slow to legalise lots of types of online gambling, despite a 2011 Justice Department viewpoint that appeared to get rid of barriers.

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

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

Now a consultant, he says UK firms need to approach the market carefully, selecting partners with care and preventing errors that might lead to regulator backlash.

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

'It will be partnerships'

As legalisation begins, sports betting firms are lobbying to ward off high tax rates, in addition to requests by US sports betting leagues, which desire to gather a portion of profits as an "integrity cost".

International companies deal with the added challenge of an effective existing gaming market, with gambling establishment operators, state-run lotteries and Native American tribes that are seeking to protect their grass.

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

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

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

'It will just depend'

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

The business has been investing in the US market because 2011, when it purchased 3 US companies to establish a presence in Nevada.

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

It works as risk supervisor for the Delaware Lottery and has invested millions along with a local designer in a New Jersey horse racing track.

Mr Asher stated William Hill has become a home name in Nevada but that's not necessarily the goal everywhere.

"We definitely intend to have an extremely considerable brand presence in New Jersey," he stated. "In other states, it will just depend on regulation and potentially who our regional partner is."

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

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