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UK betting firms bet on US after sports betting wager ruling
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5 June 2018
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By Natalie Sherman

Business press reporter, New York

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

From Tuesday, new rules on wagering entered into result in Delaware, a tiny east coast state about 2 hours from Washington.

Neighbouring New Jersey might start accepting sports betting bets as early as Friday.
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The changes are the very first in what might end up being a wave of legalisation after the Supreme Court last month cleared the method 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, stated Dublin-based financial expert David Jennings, who heads leisure research study at Davy.

For UK firms, which are grappling with consolidation, increased online competition and harder rules from UK regulators, the timing is particularly suitable.
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But the industry says depending on the US stays a dangerous bet, as UK companies face complex state-by-state policy and competitors from established local interests.

"It's something that we're actually focusing on, but equally we don't desire to overhype it," stated James Midmer, spokesman at Paddy Power Betfair, which recently bought the US dream sports betting site FanDuel.

'Take time'

The US represented about 23% of the world's $244bn (₤ 182bn) in video gaming profits 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.
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The ruling 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 result in significant variation in how companies get licensed, where sports betting can take place, and which occasions are open to speculation - with big implications for the size of the marketplace.

Potential income varieties from $4.2 bn to almost $20bn each year depending on factors like how numerous states transfer 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 substantial'", said Will Hawkley, London-based head of leisure for consultants KPMG.

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, anticipates that 32 states will legalise sports betting in some type by 2023, developing a market with about $6bn in annual earnings.

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

US laws limited gaming mainly to Native American lands and Nevada's Las Vegas strip till fairly just recently.

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

States have actually likewise been slow to legalise numerous types of online betting, despite a 2011 Justice Department opinion that appeared to get rid of barriers.

While sports betting is usually seen in its own classification, "it plainly remains to be seen whether it gets the type of momentum people think it will," stated Keith Miller, law teacher at Drake University and co-author of a book about sports betting wagering regulation.

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

Now a specialist, he states UK firms need to approach the marketplace carefully, choosing partners with care and avoiding missteps that could cause regulator backlash.

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

'It will be collaborations'

As legalisation begins, sports betting companies are lobbying to fend off high tax rates, in addition to demands by US sports betting leagues, which wish to collect a percentage of profits as an "integrity fee".

International business deal with the added challenge of an effective existing gaming industry, with gambling establishment operators, state-run lottery games and Native American people that are looking for to defend their turf.

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

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

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

'It will just depend'

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

The company has actually been investing in the US market since 2011, when it purchased 3 US companies to develop a presence in Nevada.

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

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

Mr Asher stated William Hill has actually ended up being a household name in Nevada but that's not always the goal all over.

"We definitely mean to have an extremely considerable brand existence in New Jersey," he stated. "In other states, it will just depend on regulation and possibly who our local partner is."

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

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