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UK sports betting companies gamble on US after sports betting wager ruling
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5 June 2018
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By Natalie Sherman

Business reporter, New York

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

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

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

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

The industry sees a "once in a generation" chance to develop a brand-new market in sports betting-mad America, stated Dublin-based financial expert David Jennings, who heads leisure research study at Davy.
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For UK firms, which are facing debt consolidation, increased online competitors and harder guidelines from UK regulators, the timing is particularly suitable.

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But the industry says counting on the US remains a dangerous bet, as UK business face complex state-by-state policy and competitors from established regional interests.

"It's something that we're really concentrating on, but equally we don't wish to overhype it," stated James Midmer, representative at Paddy Power Betfair, which just recently purchased the US dream sports betting website FanDuel.

'Take time'

The US accounted for about 23% of the world's $244bn (₤ 182bn) in gaming revenue 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 decision, which struck down a 1992 federal law that disallowed states outside of Nevada and a few others from authorising sports betting wagering.

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

That is expected to lead to substantial variation in how firms get accredited, where sports betting can take place, and which events are open to speculation - with huge implications for the size of the marketplace.

Potential revenue ranges from $4.2 bn to nearly $20bn annually depending on aspects like how lots of states move to legalise, Oxford Economics estimated in a 2017 research study for the American Gaming Association.

"There was a lot of 'this is going to be big'", said Will Hawkley, London-based head of leisure for consultants KPMG.
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Now, he said: "I think the majority of people ... are looking 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 take some time'."

'Remains to be seen"

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

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

US laws minimal gambling mainly to Native American lands and Nevada's Las Vegas strip up until reasonably recently.

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

States have actually also been sluggish to legalise numerous forms of online gambling, regardless of a 2011 Justice Department viewpoint that appeared to get rid of obstacles.

While sports betting is typically viewed in its own category, "it clearly remains to be seen whether it gets the sort of momentum individuals believe it will," said Keith Miller, law professor at Drake University and co-author of a book about sports betting policy.

David Carruthers is the previous chief executive of BetonSports, who was jailed in the US in 2006 for running an offshore online sportsbook and served prison time.

Now a consultant, he states UK firms need to approach the market carefully, picking partners with care and preventing mistakes that might result in regulator backlash.

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

'It will be partnerships'

As legalisation begins, sports betting wagering companies are lobbying to ward off high tax rates, in addition to demands by US sports betting leagues, which wish to collect a portion of revenue as an " cost".

International companies deal with the included difficulty of an effective existing video gaming market, with gambling establishment operators, state-run lottery games and Native American people that are looking for to defend their grass.

Analysts state UK companies will need to strike collaborations, offering their proficiency and technology in order to make inroads.

They point to SBTech's current announcement 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, however it will be collaborations and it will be driven by technology," Mr Hawkley stated.

'It will simply depend'

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

The company has actually been buying the US market because 2011, when it bought 3 US companies to develop an existence in Nevada.

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

It works as threat 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 home name in Nevada however that's not necessarily the objective everywhere.

"We definitely plan to have a really substantial 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 on the planet," he included. "Obviously that's not going to happen on day one."

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