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UK sports 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 reporter, New York

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

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

Neighbouring New Jersey might start 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 method for states to allow sports betting wagering.

The market sees a "once in a generation" opportunity to establish a new market in sports betting-mad America, said Dublin-based financial analyst David Jennings, who research study at Davy.

For UK companies, which are coming to grips with combination, increased online competitors and tougher guidelines from UK regulators, the timing is especially appropriate.

Why the gaming industry deals with an unsure future

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

But the market states depending on the US remains a dangerous bet, as UK companies face complex state-by-state regulation and competitors from entrenched regional interests.

"It's something that we're truly concentrating on, however equally we do not desire to overhype it," stated James Midmer, spokesman at Paddy Power Betfair, which just recently acquired the US fantasy sports betting website FanDuel.

'Take time'
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The US accounted for about 23% of the world's $244bn (₤ 182bn) in gaming income in 2015, according to a report by Technavio, external published in January.

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

The ruling found the law was an over-reach of federal power. But the court it did not actually legalise sports betting, leaving that question to regional lawmakers.

That is expected to result in significant variation in how companies get accredited, where sports betting can happen, and which occasions are open to speculation - with huge ramifications for the size of the market.

Potential profits varieties from $4.2 bn to almost $20bn each year depending on elements like how lots of states transfer to legalise, Oxford Economics approximated in a 2017 research study for the American Gaming Association.

"There was a great deal of 'this is going to be substantial'", stated Will Hawkley, London-based head of leisure for experts KPMG.

Now, he said: "I believe many 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 time'."

'Remains to be seen"
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Chris Grove, handling 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 yearly earnings.

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

US laws minimal sports betting mostly to Native American lands and Nevada's Las Vegas strip up until fairly just recently.

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

States have likewise been sluggish to legalise many kinds of online gaming, despite a 2011 Justice Department viewpoint that appeared to eliminate barriers.

While sports betting is typically seen in its own category, "it clearly stays to be seen whether it gets the type of momentum people think it will," said Keith Miller, law teacher at Drake University and co-author of a book about sports betting regulation.

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

Now a consultant, he states UK firms should approach the marketplace thoroughly, choosing partners with care and preventing bad moves that could lead to regulator reaction.

"This is a chance for the American sports betting gambler ... I'm unsure whether it is an opportunity for company," he says. "It actually is reliant on the outcome of [state] legislation and how business operators pursue the opportunity."

'It will be partnerships'

As legalisation begins, sports betting firms are lobbying to fend off high tax rates, as well as requests by US sports betting leagues, which desire to gather a percentage of earnings as an "integrity cost".

International companies deal with the added obstacle of a powerful existing gaming industry, with gambling establishment operators, state-run lottery games and Native American tribes that are seeking to protect their grass.

Analysts state UK firms will require to strike collaborations, using their competence and innovation in order to make inroads.

They point to SBTech's recent announcement that it is offering technology for Kentucky Derby operator Churchill Downs as an example of the kind of offers likely to materialise.

"It will be a win-win for everybody, however it will be partnerships 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 truths.
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The company has actually been investing in the US market because 2011, when it bought three US companies to establish an existence in Nevada.

William Hill now employs about 450 individuals in the US and has actually announced collaborations with casinos 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 said William Hill has actually become a family name in Nevada however that's not necessarily the goal all over.

"We definitely intend to have an extremely considerable brand presence in New Jersey," he said. "In other states, it will simply depend on policy and possibly who our regional partner is."

"The US is going to be the most significant sports betting wagering market worldwide," he included. "Obviously that's not going to occur on the first day."
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