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UK wagering firms bet on US after sports betting wager judgment
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5 June 2018
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It's high stakes for as sports betting starts to spread in America.

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

Neighbouring New Jersey could begin accepting sports betting 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 way for states to permit sports betting wagering.

The industry sees a "when in a generation" opportunity to develop a 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 coming to grips with debt consolidation, increased online competition and tougher rules from UK regulators, the timing is particularly suitable.

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But the market says relying on the US remains a dangerous bet, as UK companies face complicated state-by-state regulation and competition from entrenched local interests.

"It's something that we're really focusing on, but equally we do not wish to overhype it," stated James Midmer, spokesman at Paddy Power Betfair, which recently acquired the US fantasy sports betting website FanDuel.

'Take time'

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

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

The ruling found the law was an over-reach of federal power. But the court it did not in fact legalise sports betting, leaving that concern to local lawmakers.

That is anticipated to lead to substantial variation in how companies get certified, where sports betting can occur, and which occasions are open to speculation - with big implications for the size of the marketplace.

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

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

Now, he stated: "I believe the majority 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"

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

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

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

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

States have actually also been slow to legalise numerous kinds of online gambling, despite a 2011 Justice Department viewpoint that appeared to remove obstacles.

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

David Carruthers is the previous president of BetonSports, who was apprehended in the US in 2006 for running an offshore online sportsbook and served jail time.

Now a specialist, he states UK firms should approach the market carefully, picking partners with care and preventing errors that could cause regulator backlash.

"This is a chance for the American sports betting gambler ... I'm unsure whether it is an opportunity for organization," he says. "It really is dependent on the result of [state] legislation and how business operators pursue the chance."

'It will be collaborations'

As legalisation starts, sports betting firms are lobbying to ward off high tax rates, along with demands by US sports betting leagues, which wish to gather a percentage of revenue as an "stability charge".

International business face the added challenge of a powerful existing gaming market, with casino operators, state-run lottos and Native American people that are looking for to defend their turf.

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

They point to SBTech's recent 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 technology," Mr Hawkley stated.

'It will simply depend'

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

The business has actually been investing in the US market since 2011, when it purchased three US companies to develop an existence in Nevada.

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

It works as risk supervisor for the Delaware Lottery and has invested millions together with a regional developer in a New Jersey horse racing track.

Mr Asher stated William Hill has actually become a home name in Nevada but that's not always the goal all over.

"We certainly intend to have a really substantial brand name existence in New Jersey," he stated. "In other states, it will simply depend upon regulation and possibly who our local partner is."

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

US ruling opens method for sports betting
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