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UK wagering companies gamble on US after sports betting wager ruling
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5 June 2018

By Natalie Sherman

Business press reporter, New York

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

From Tuesday, brand-new rules on wagering entered result 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 modifications are the first in what could become a wave of legalisation after the Supreme Court last month cleared the way for states to enable sports betting.

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

For UK firms, which are coming to grips with debt consolidation, increased online competitors and tougher guidelines from UK regulators, the timing is especially suitable.
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But the market states counting on the US stays a risky bet, as UK business deal with complicated state-by-state regulation and competition from entrenched regional interests.

"It's something that we're actually concentrating on, however similarly we don't want to overhype it," said James Midmer, representative at Paddy Power Betfair, which just recently purchased the US dream sports betting website FanDuel.

'Require time'

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

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 local legislators.

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

Potential profits varieties from $4.2 bn to nearly $20bn every year depending upon aspects like how lots of states move to legalise, Oxford Economics approximated 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, 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 require time'."

'Remains to be seen"

Chris Grove, managing director at Eilers & Krejcik Gaming, predicts that 32 states will legalise sports betting wagering in some kind by 2023, developing a market with about $6bn in yearly income.
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But bookies deal with a far different landscape in America than they do in the UK, where wagering stores are a frequent sight.

US laws restricted gaming largely to Native American lands and Nevada's Las Vegas strip till fairly just recently.
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In the popular imagination, sports betting wagering has actually long been connected to a 1919 baseball World Series match-fixing scandal.

States have actually likewise been slow to legalise many kinds of online sports betting, in spite of a 2011 Justice Department opinion that appeared to remove obstacles.

While sports betting wagering is generally seen in its own classification, "it clearly stays to be seen whether it gets the type of momentum people believe it will," stated Keith Miller, law teacher at Drake University and co-author of a book about sports betting policy.

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

Now a consultant, he states UK companies must approach the market carefully, choosing partners with care and preventing bad moves that might result in regulator reaction.

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

'It will be partnerships'

As legalisation starts, sports betting firms are lobbying to fend off high tax rates, in addition to demands by US sports betting leagues, which wish to collect a portion of profits as an "stability charge".

International companies face the included challenge of an effective existing gaming market, with gambling establishment operators, state-run lottery games and Native American tribes that are looking for to safeguard their grass.

Analysts state UK companies will require to strike partnerships, providing their know-how and technology in order to make inroads.

They indicate SBTech's recent statement that it is supplying 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 collaborations and it will be driven by technology," Mr Hawkley stated.

'It will just depend'

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

The business has actually been investing in the US market given that 2011, when it bought three US companies to develop an existence in Nevada.
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William Hill now uses about 450 people in the US and has announced partnerships with casinos in Iowa and New Jersey.

It works as threat manager for the Delaware Lottery and has actually invested millions alongside a regional developer in a New Jersey horse racing track.
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Mr Asher stated William Hill has actually ended up being a family name in Nevada but that's not necessarily the objective all over.

"We definitely plan to have an extremely substantial brand presence in New Jersey," he said. "In other states, it will simply depend upon policy and potentially who our local partner is."

"The US is going to be the most significant sports betting market on the planet," he added. "Obviously that's not going to occur on day one."

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