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firms bet on US after sports betting wager ruling

5 June 2018

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

From Tuesday, new rules on wagering came into effect in Delaware, a small east coast state about two hours from Washington.

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

The changes are the very first in what might end up being a wave of legalisation after the Supreme Court last month cleared the way for states to allow sports betting.

The industry sees a "when in a generation" chance to develop a new market in sports betting-mad America, said Dublin-based monetary expert David Jennings, who heads leisure research study at Davy.

For UK companies, which are grappling with combination, increased online competition and harder rules from UK regulators, the timing is particularly appropriate.

Why the gambling market faces an unsure future

How does prohibited sports betting work and what are the worries?

But the industry states depending on the US remains a risky 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 similarly we do not want to overhype it," stated James Midmer, representative at Paddy Power Betfair, which recently bought the US dream sports betting site FanDuel.

'Take some time'

The US represented 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 take advantage of more of that activity after last month's choice, which overruled a 1992 federal law that barred states outside of Nevada and a few others from authorising sports betting wagering.

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

That is anticipated to result in significant variation in how firms get licensed, where sports betting wagering can happen, and which occasions are open to speculation - with big implications for the size of the marketplace.

Potential profits ranges from $4.2 bn to almost $20bn annually depending upon aspects like the number of states move to legalise, Oxford Economics estimated 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 experts KPMG.

Now, he said: "I think most individuals ... 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, handling director at Eilers & Krejcik Gaming, predicts that 32 states will legalise sports betting wagering in some form by 2023, producing a market with about $6bn in yearly profits.

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

US laws minimal sports betting mainly to Native American lands and Nevada's Las Vegas strip till reasonably recently.

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

States have actually also been slow to legalise numerous forms of online sports betting, in spite of a 2011 Justice Department viewpoint that appeared to get rid of obstacles.

While sports betting is typically seen in its own category, "it plainly remains to be seen whether it gets the kind of momentum people think it will," stated Keith Miller, law professor at Drake University and co-author of a book about sports betting wagering policy.

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

Now an expert, he says UK companies need to approach the market carefully, picking partners with caution and avoiding bad moves that could cause regulator backlash.

"This is a chance for the American sports betting wagerer ... I'm uncertain whether it is a chance for business," he says. "It truly is dependent on the result of [state] legislation and how business operators pursue the opportunity."

'It will be collaborations'

As legalisation starts, sports betting wagering companies are lobbying to ward off high tax rates, as well as requests by US sports betting leagues, which wish to collect a portion of profits as an "stability cost".

International companies deal with the added difficulty of a powerful existing gaming industry, with casino operators, state-run lotteries and Native American people that are seeking to protect their grass.

Analysts state UK firms will need to strike partnerships, offering their expertise and innovation in order to make inroads.

They indicate SBTech's current announcement that it is offering technology for Kentucky Derby operator Churchill Downs as an example of the kind 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 innovation," Mr Hawkley stated.

'It will just depend'

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

The business has been purchasing the US market because 2011, when it acquired three US companies to establish a presence in Nevada.

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

It works as threat manager for the Delaware Lottery and has actually invested millions alongside a local designer in a New Jersey horse racing track.

Mr Asher said William Hill has actually become a household name in Nevada but that's not necessarily the objective everywhere.

"We certainly intend to have a really substantial brand name existence in New Jersey," he said. "In other states, it will simply depend upon guideline and potentially who our local partner is."
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"The US is going to be the greatest sports betting wagering market worldwide," he included. "Obviously that's not going to happen on the first day."

US judgment opens method for sports betting
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