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UK wagering firms gamble on US after sports betting wager ruling
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5 June 2018
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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 small east coast state about 2 hours from Washington.

Neighbouring New Jersey could 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 enable sports betting wagering.

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

For UK firms, which are grappling with consolidation, increased online competition and harder rules from UK regulators, the timing is particularly opportune.

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But the market says counting on the US stays a dangerous bet, as UK companies deal with complicated state-by-state policy and competition from established local interests.

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

'Take some time'

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

Firms are hoping to tap into more of that activity after last month's choice, which struck down a 1992 federal law that disallowed states beyond Nevada and a few others from authorising sports betting wagering.

The ruling found 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 anticipated to result in substantial variation in how companies get licensed, where sports betting can occur, and which occasions are open to speculation - with big ramifications for the size of the marketplace.

Potential earnings varieties from $4.2 bn to practically $20bn each year upon factors like the number of states move to legalise, Oxford Economics estimated in a 2017 study for the American Gaming Association.

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

Now, he stated: "I believe the majority of people ... are taking a look 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"

Chris Grove, managing director at Eilers & Krejcik Gaming, anticipates that 32 states will legalise sports betting in some form by 2023, producing a market with about $6bn in annual income.
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But bookies face a far different landscape in America than they do in the UK, where sports betting shops are a frequent sight.

US laws limited gaming largely to Native American lands and Nevada's Las Vegas strip until reasonably just recently.

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

States have also been slow to legalise many types of online gambling, regardless of a 2011 Justice Department viewpoint that appeared to eliminate barriers.

While sports betting is typically seen in its own category, "it plainly stays to be seen whether it gets the sort of momentum individuals believe it will," stated 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 chief executive of BetonSports, who was arrested in the US in 2006 for running an offshore online sportsbook and served jail time.

Now a specialist, he states UK companies should approach the marketplace thoroughly, picking partners with caution and avoiding mistakes that could cause regulator reaction.

"This is a chance for the American sports betting gambler ... I'm not sure whether it is an opportunity for company," he states. "It truly is reliant on the outcome of [state] legislation and how the business operators pursue the opportunity."

'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 wish to gather a portion of revenue as an "integrity charge".

International business deal with the included difficulty of an effective existing video gaming industry, with casino operators, state-run lotteries and Native American tribes that are seeking to safeguard their turf.

Analysts say UK companies will need to strike partnerships, using their competence and innovation in order to make inroads.
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They indicate SBTech's current announcement that it is offering innovation for Kentucky Derby operator Churchill Downs as an example of the sort 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, primary executive at William Hill US, is clear-eyed about the realities.

The company has been purchasing the US market since 2011, when it bought 3 US firms to develop an existence in Nevada.

William Hill now uses about 450 individuals in the US and has actually announced partnerships with gambling establishments in Iowa and New Jersey.

It works as threat supervisor for the Delaware Lottery and has invested millions together with a regional designer 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 always the objective everywhere.

"We definitely plan to have a very considerable brand name existence in New Jersey," he said. "In other states, it will simply depend upon policy and possibly who our local partner is."
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"The US is going to be the biggest sports betting market worldwide," he included. "Obviously that's not going to occur on day one."

US judgment opens method for sports betting