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

From Tuesday, new guidelines on sports betting entered 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 very first in what might become a wave of legalisation after the Supreme Court last month cleared the method for states to allow sports betting wagering.

The industry sees a "once 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 companies, which are coming to grips with debt consolidation, increased online competition and harder guidelines from UK regulators, the timing is especially appropriate.

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But the industry states relying on the US remains a dangerous bet, as UK companies deal with complicated state-by-state regulation and competition from entrenched local interests.

"It's something that we're really focusing on, however similarly we do not wish to overhype it," said James Midmer, representative at Paddy Power Betfair, which recently acquired the US fantasy sports betting site FanDuel.

'Require time'

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

Firms are wanting to use more of that activity after last month's decision, which overruled a 1992 that barred 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 wagering, leaving that question to local legislators.

That is expected to lead to substantial variation in how companies get certified, where sports betting can happen, and which events are open to speculation - with big ramifications for the size of the marketplace.

Potential earnings ranges from $4.2 bn to practically $20bn yearly depending on elements like how lots of states transfer to legalise, Oxford Economics approximated in a 2017 study for the American Gaming Association.

"There was a lot of 'this is going to be huge'", stated Will Hawkley, London-based head of leisure for consultants KPMG.

Now, he stated: "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 some time'."

'Remains to be seen"

Chris Grove, handling director at Eilers & Krejcik Gaming, forecasts that 32 states will legalise sports betting in some form by 2023, creating a market with about $6bn in annual revenue.

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

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

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

States have likewise been sluggish to legalise many forms of online gambling, in spite of a 2011 Justice Department viewpoint that appeared to remove barriers.

While sports betting wagering is normally seen in its own category, "it plainly 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 regulation.

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

Now a consultant, he says UK firms need to approach the marketplace carefully, choosing partners with care and avoiding missteps that might result in regulator backlash.

"This is an opportunity for the American sports betting bettor ... I'm uncertain whether it is a chance for service," he states. "It really depends on the result of [state] legislation and how business operators pursue the opportunity."

'It will be partnerships'

As legalisation begins, sports betting wagering firms are lobbying to ward off high tax rates, as well as demands by US sports betting leagues, which desire to collect a percentage of earnings as an "stability cost".

International companies deal with the included challenge of a powerful existing gaming market, with casino operators, state-run lottos and Native American tribes that are seeking to safeguard their turf.
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Analysts say UK firms will require to strike partnerships, using their knowledge and innovation in order to make inroads.

They point to SBTech's current statement that it is supplying 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 everyone, however it will be partnerships and it will be driven by innovation," Mr Hawkley stated.

'It will simply depend'

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

The company has been investing in the US market considering that 2011, when it acquired 3 US firms to establish an existence in Nevada.

William Hill now utilizes about 450 people in the US and has actually revealed partnerships with casinos in Iowa and New Jersey.

It works as risk manager for the Delaware Lottery and has actually invested millions along with a local developer in a New Jersey horse racing track.

Mr Asher stated William Hill has actually ended up being a family name in Nevada however that's not necessarily the objective everywhere.

"We definitely mean to have a very substantial brand name presence in New Jersey," he stated. "In other states, it will simply depend on guideline and potentially who our local partner is."

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

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