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UK wagering companies bet on US after sports betting wager ruling
bit.ly
5 June 2018
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It's high stakes for UK companies as sports betting wagering starts to spread out in America.

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

Neighbouring New Jersey might begin bets as early as Friday.

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

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

For UK companies, which are grappling with consolidation, increased online competitors and harder guidelines from UK regulators, the timing is especially suitable.
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But the industry says depending on the US remains a risky bet, as UK business deal with complex state-by-state regulation and competition from established local interests.

"It's something that we're actually concentrating on, however similarly we do not wish to overhype it," stated James Midmer, spokesman at Paddy Power Betfair, which recently acquired the US dream sports betting website FanDuel.

'Take some time'

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 hoping to take advantage of more of that activity after last month's decision, which struck down a 1992 federal law that disallowed states beyond 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 regional legislators.

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

Potential income ranges from $4.2 bn to nearly $20bn every year depending on factors like the number 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 huge'", said Will Hawkley, London-based head of leisure for consultants KPMG.

Now, he said: "I think many people ... are looking at this as, 'it's an opportunity but 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"

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

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

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

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

States have likewise been slow to legalise numerous forms of online sports betting, despite a 2011 Justice Department viewpoint that appeared to eliminate challenges.

While sports betting wagering is typically seen in its own classification, "it clearly stays to be seen whether it gets the sort of momentum individuals think it will," said Keith Miller, law professor at Drake University and co-author of a book about sports betting guideline.
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David Carruthers is the previous president of BetonSports, who was jailed in the US in 2006 for running an overseas online sportsbook and served jail time.

Now a consultant, he says UK firms should approach the market carefully, choosing partners with care and avoiding errors 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 service," he says. "It truly depends on the outcome of [state] legislation and how the organization operators pursue the chance."

'It will be collaborations'

As legalisation starts, sports betting firms are lobbying to ward off high tax rates, in addition to demands by US sports betting leagues, which desire to collect a percentage of revenue as an "stability fee".
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International companies face the added obstacle of an effective existing video gaming market, with casino operators, state-run lotteries and Native American people that are seeking to defend their turf.

Analysts state UK companies will require to strike collaborations, providing their know-how and innovation in order to make inroads.

They indicate SBTech's current announcement that it is supplying technology for Kentucky Derby operator Churchill Downs as an example of the type of deals 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 said.

'It will simply depend'

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

The company has been buying the US market because 2011, when it bought three US firms to develop a presence in Nevada.

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

It works as danger manager for the Delaware Lottery and has actually invested millions along with a local designer in a New Jersey horse racing track.
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Mr Asher said William Hill has become a family name in Nevada however that's not necessarily the goal everywhere.

"We definitely mean to have a really substantial brand presence in New Jersey," he stated. "In other states, it will simply depend upon policy and possibly who our local partner is."

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

US judgment opens way for sports betting
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