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UK wagering 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 in America.

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

Neighbouring New Jersey might begin accepting sports betting bets as early as Friday.
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The changes are the very 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.

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

For UK firms, which are facing combination, increased online competitors and harder rules from UK regulators, the timing is especially opportune.

Why the sports betting market faces an uncertain future

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But the industry states depending on the US remains a dangerous bet, as UK companies face complicated state-by-state policy and competitors from entrenched local interests.

"It's something that we're actually focusing on, but similarly we do not wish to overhype it," said James Midmer, spokesman at Paddy Power Betfair, which recently purchased the US dream sports betting site FanDuel.

'Require 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 published in January.

Firms are intending to use more of that activity after last month's decision, which overruled a 1992 federal law that barred states beyond Nevada and a couple of 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 question to local lawmakers.

That is expected to cause significant variation in how firms get accredited, where sports betting can happen, and which events are open to speculation - with big implications for the size of the market.

Potential profits ranges from $4.2 bn to almost $20bn each year depending on factors like the number of states relocate to legalise, Oxford Economics approximated 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 for consultants KPMG.

Now, he stated: "I believe many people ... are looking at this as, 'it's an opportunity however it's not going to be $20bn and it's going to be state by state and it's going to require time'."

'Remains to be seen"

Chris Grove, managing director at Eilers & Krejcik Gaming, anticipates that 32 states will legalise sports betting in some type by 2023, creating a market with about $6bn in annual income.

But bookmakers face a far different landscape in America than they perform in the UK, where wagering stores are a frequent sight.

US laws limited gambling mainly to Native American lands and Nevada's Las Vegas strip until fairly recently.

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

States have also been sluggish to legalise many types of online gaming, in spite of a 2011 Justice Department opinion that appeared to get rid of obstacles.

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

Now a consultant, he states UK firms should approach the market thoroughly, picking partners with caution and preventing missteps that might cause regulator reaction.

"This is an opportunity for the American sports betting bettor ... I'm unsure whether it is an opportunity for organization," he says. "It truly depends on the outcome of [state] legislation and how the service operators pursue the chance."

'It will be collaborations'

As legalisation begins, sports betting wagering firms are lobbying to ward off high tax rates, in addition to demands by US sports betting leagues, which want to gather a percentage of revenue as an "stability charge".

International companies face the added obstacle of a powerful existing gaming industry, with gambling establishment operators, state-run lotteries and Native American people that are looking for to safeguard their turf.

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

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

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

'It will simply depend'

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

The company has actually been purchasing the US market considering that 2011, when it bought 3 US companies to establish a presence in Nevada.

William Hill now employs about 450 people in the US and has revealed partnerships with gambling establishments in Iowa and New Jersey.

It works as threat 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 but that's not always the objective everywhere.

"We definitely plan to have a really significant brand name presence in New Jersey," he said. "In other states, it will just depend on guideline and potentially who our local partner is."

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

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