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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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By Natalie Sherman

Business reporter, New York

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

From Tuesday, new rules on sports betting entered result in Delaware, a tiny east coast state about 2 hours from Washington.

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

The changes are the very first in what might end up being a wave of legalisation after the Supreme Court last month cleared the way for states to enable sports betting wagering.

The industry sees a "once in a generation" chance to develop a 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 coming to grips with combination, increased online competition and tougher rules from UK regulators, the timing is especially appropriate.

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But the market states depending on the US remains a risky bet, as UK business deal with complicated state-by-state guideline and competitors from established regional interests.

"It's something that we're truly focusing on, however similarly we do not want to overhype it," stated James Midmer, spokesman at Paddy Power Betfair, which just recently purchased the US dream sports betting website FanDuel.

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

Firms are wishing to tap into more of that activity after last month's choice, which overruled a 1992 federal law that barred states outside of 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 wagering, leaving that concern to local lawmakers.

That is expected to lead to considerable variation in how companies get accredited, where sports betting can take place, and which occasions are open to speculation - with big ramifications for the size of the market.

Potential income varieties from $4.2 bn to almost $20bn every year depending on aspects like the number of states transfer to legalise, Oxford Economics estimated in a 2017 study for the American Gaming Association.

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

Now, he stated: "I believe the majority of people ... are taking a look at this as, 'it's a chance but it's not going to be $20bn and it's going to be state by state and it's going to require time'."
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to be seen"

Chris Grove, handling director at Eilers & Krejcik Gaming, predicts that 32 states will legalise sports betting in some kind by 2023, developing a market with about $6bn in yearly income.

But bookmakers deal with a far different landscape in America than they do in the UK, where wagering shops are a regular sight.

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

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

States have likewise been sluggish to legalise lots of forms of online gaming, regardless of a 2011 Justice Department viewpoint that appeared to eliminate barriers.

While sports betting wagering is generally viewed in its own category, "it clearly remains to be seen whether it gets the kind of momentum individuals think it will," stated Keith Miller, law professor at Drake University and co-author of a book about sports betting wagering 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 specialist, he says UK companies must approach the marketplace carefully, choosing partners with caution and avoiding errors that might result in regulator reaction.

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

'It will be collaborations'

As legalisation begins, sports betting companies are lobbying to ward off high tax rates, in addition to requests by US sports betting leagues, which wish to gather a portion of revenue as an "integrity cost".

International companies deal with the included difficulty of an effective existing video gaming market, with gambling establishment operators, state-run lottery games and Native American people that are seeking to safeguard their grass.

Analysts state UK firms will need to strike collaborations, using their know-how and innovation in order to make inroads.

They indicate SBTech's recent announcement that it is providing technology for Kentucky Derby operator Churchill Downs as an example of the kind of offers most likely to materialise.

"It will be a win-win for everybody, but it will be partnerships and it will be driven by innovation," Mr Hawkley said.
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'It will just depend'

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

The company has been buying the US market considering that 2011, when it acquired three US firms to develop an existence in Nevada.

William Hill now employs about 450 people in the US and has actually announced collaborations with casinos in Iowa and New Jersey.
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It works as risk manager for the Delaware Lottery and has actually invested millions together with a local developer in a New Jersey horse racing track.

Mr Asher said William Hill has actually become a household name in Nevada but that's not necessarily the objective all over.

"We certainly mean to have a really substantial brand name presence in New Jersey," he stated. "In other states, it will just depend on regulation and possibly who our regional partner is."

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

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