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UK betting firms bet on US after sports betting wager judgment
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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 entered into effect in Delaware, a tiny east coast state about 2 hours from Washington.

Neighbouring New Jersey could start accepting sports betting bets as early as Friday.

The changes are the very first in what could become a wave of legalisation after the Supreme Court last month cleared the way for states to permit sports betting.

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

For UK firms, which are coming to grips with debt consolidation, increased online competitors and harder rules from UK regulators, the timing is especially appropriate.
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But the industry states depending on the US remains a dangerous bet, as UK business face complicated state-by-state policy and competition from entrenched local interests.

"It's something that we're actually concentrating on, but similarly we don't wish to overhype it," said James Midmer, spokesperson at Paddy Power Betfair, which just recently bought the US fantasy sports betting site FanDuel.
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'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 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 outside of Nevada and a couple of others from authorising sports betting.

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

That is to lead to substantial variation in how companies get accredited, where sports betting can take place, and which occasions are open to speculation - with huge implications for the size of the marketplace.

Potential earnings ranges from $4.2 bn to nearly $20bn every year depending on aspects like how many states relocate to legalise, Oxford Economics estimated in a 2017 research study for the American Gaming Association.

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

Now, he stated: "I believe a lot 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"
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Chris Grove, managing director at Eilers & Krejcik Gaming, forecasts that 32 states will legalise sports betting wagering in some form by 2023, creating a market with about $6bn in yearly earnings.
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But bookmakers deal with a far various landscape in America than they carry out in the UK, where sports betting shops are a regular sight.
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US laws restricted sports betting mostly to Native American lands and Nevada's Las Vegas strip up until reasonably just recently.

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

States have actually also been sluggish to legalise numerous kinds of online gaming, despite a 2011 Justice Department viewpoint that appeared to get rid of obstacles.

While sports betting wagering is generally viewed in its own category, "it clearly remains to be seen whether it gets the sort of momentum individuals believe it will," said Keith Miller, law professor at Drake University and co-author of a book about sports betting wagering regulation.

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

Now an expert, he states UK companies must approach the market thoroughly, choosing partners with caution and avoiding mistakes that could cause regulator reaction.

"This is a chance for the American sports betting wagerer ... I'm not sure whether it is a chance for service," he states. "It truly is dependent on the result of [state] legislation and how business operators pursue the chance."

'It will be partnerships'

As legalisation begins, 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 portion of profits as an "stability cost".

International business deal with the included difficulty of an effective existing video gaming market, with gambling establishment operators, state-run lottos and Native American tribes that are looking for to defend their grass.

Analysts state UK firms will require to strike collaborations, providing their knowledge and technology in order to make inroads.

They indicate SBTech's current statement that it is providing innovation for Kentucky Derby operator Churchill Downs as an example of the sort of deals most 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 said.

'It will simply depend'

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

The business 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 uses about 450 individuals in the US and has announced partnerships with gambling establishments in Iowa and New Jersey.

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

Mr Asher stated William Hill has actually become a family name in Nevada however that's not necessarily the goal all over.

"We certainly mean to have a really significant brand existence in New Jersey," he stated. "In other states, it will just depend on guideline and potentially who our local partner is."

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

US judgment opens method for sports betting