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UK sports betting firms bet on US after sports betting wager ruling
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5 June 2018

By Natalie Sherman

Business press reporter, New york city

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

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

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

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

The market sees a "once in a generation" chance to establish a brand-new market in sports betting-mad America, stated Dublin-based financial analyst David Jennings, who heads leisure research at Davy.
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For UK companies, which are facing combination, increased online competitors and tougher guidelines from UK regulators, the timing is particularly opportune.

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

"It's something that we're truly focusing on, however similarly we don't desire to overhype it," said James Midmer, spokesman at Paddy Power Betfair, which just recently bought the US dream sports betting website FanDuel.

'Require time'

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

Firms are hoping to take advantage of 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 wagering.

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

That is anticipated to result in considerable variation in how firms get accredited, where sports betting wagering can happen, and which events are open to speculation - with huge ramifications for the size of the marketplace.

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

"There was a great deal 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 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, handling director at Eilers & Krejcik Gaming, predicts that 32 states will legalise sports betting wagering in some kind by 2023, creating a market with about $6bn in yearly profits.

But bookies face a far different landscape in America than they carry out in the UK, where wagering stores are a frequent sight.
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US laws limited sports betting largely to Native American lands and Nevada's Las Vegas strip up until fairly just recently.

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

States have actually likewise been slow to legalise numerous types of online sports betting, in spite of a 2011 Justice Department viewpoint that appeared to get rid of barriers.

While sports betting wagering is generally viewed 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 teacher at Drake University and co-author of a book about sports betting guideline.

David Carruthers is the former president 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 firms must approach the market carefully, choosing partners with caution and avoiding bad moves that might lead to regulator reaction.

"This is a chance for the American sports betting wagerer ... I'm uncertain whether it is a chance for business," he says. "It actually is dependent on the result of [state] legislation and how the business operators pursue the chance."

'It will be partnerships'

As legalisation starts, sports betting wagering firms are lobbying to ward off high tax rates, as well as demands by US sports betting leagues, which wish to gather a percentage of profits as an "integrity charge".

International companies deal with the added difficulty of a powerful existing video gaming industry, with gambling establishment operators, state-run lotteries and Native American tribes that are looking for to defend their grass.

Analysts say UK companies will require to strike collaborations, providing their expertise and technology in order to make inroads.
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They indicate SBTech's recent announcement that it is providing technology for Kentucky Derby operator Churchill Downs as an example of the kind of deals most likely to materialise.

"It will be a win-win for everybody, however it will be partnerships and it will be driven by technology," Mr Hawkley stated.

'It will just depend'
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Joe Asher, president at William Hill US, is clear-eyed about the truths.

The company has actually been buying the US market because 2011, when it purchased three US companies to establish a presence in Nevada.

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

It works as threat manager 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 ended up being a family name in Nevada but that's not necessarily the goal everywhere.

"We definitely mean to have a very considerable brand presence in New Jersey," he said. "In other states, it will just depend upon policy and possibly who our regional partner is."

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

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