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UK wagering companies gamble on US after sports betting wager ruling

5 June 2018

By Natalie Sherman

Business press reporter, New york city

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

From Tuesday, brand-new rules on wagering entered result 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 could end up being a wave of legalisation after the Supreme Court last month cleared the way for states to enable sports betting wagering.

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

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

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But the market states depending on the US stays a dangerous bet, as UK business face complex state-by-state policy and competitors from entrenched local interests.

"It's something that we're actually concentrating on, however equally we don't wish to overhype it," said James Midmer, spokesman at Paddy Power Betfair, which just recently purchased the US fantasy sports betting site FanDuel.

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

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

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

That is expected to cause substantial variation in how companies get certified, where can take place, and which occasions are open to speculation - with huge implications for the size of the market.

Potential income ranges from $4.2 bn to practically $20bn each year depending upon elements like the number of states transfer to legalise, Oxford Economics approximated in a 2017 study for the American Gaming Association.

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

Now, he stated: "I believe many people ... are looking at this as, 'it's a chance but it's not going to be $20bn and it's going to be state by state and it's going to take some time'."

'Remains to be seen"

Chris Grove, managing director at Eilers & Krejcik Gaming, predicts that 32 states will legalise sports betting wagering in some form by 2023, creating a market with about $6bn in annual revenue.

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

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

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

States have also been slow to legalise lots of kinds of online gaming, regardless of a 2011 Justice Department opinion that appeared to remove barriers.

While sports betting wagering is normally seen in its own category, "it clearly remains to be seen whether it gets the kind of momentum individuals think it will," said Keith Miller, law teacher 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 offshore online sportsbook and served prison time.

Now a specialist, he says UK companies should approach the market carefully, choosing partners with care and avoiding bad moves that might lead to regulator backlash.

"This is a chance for the American sports betting gambler ... I'm not exactly sure whether it is an opportunity for company," he says. "It really depends on the outcome of [state] legislation and how business operators pursue the chance."

'It will be partnerships'
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As legalisation starts, sports betting companies are lobbying to fend off high tax rates, along with requests by US sports betting leagues, which desire to collect a percentage of income as an "integrity cost".

International companies face the included difficulty of a powerful existing video gaming industry, with casino operators, state-run lottos and Native American people that are looking for to protect their grass.

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

They point to SBTech's current statement that it is providing innovation for Kentucky Derby operator Churchill Downs as an example of the sort of offers 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 said.

'It will just depend'

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

The company has been purchasing the US market considering that 2011, when it bought three US companies to develop an existence in Nevada.

William Hill now employs about 450 individuals in the US and has actually revealed partnerships with gambling establishments in Iowa and New Jersey.

It works as risk manager for the Delaware Lottery and has actually invested millions together with a local developer in a New Jersey horse racing track.

Mr Asher stated William Hill has actually become a home name in Nevada however that's not always the objective everywhere.

"We definitely plan to have an extremely substantial brand name presence in New Jersey," he said. "In other states, it will simply depend on regulation and possibly who our local partner is."

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

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