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

By Natalie Sherman

Business press reporter, New York

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

From Tuesday, new rules on sports betting entered 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 modifications are the first in what might end up being a wave of legalisation after the Supreme Court last month the method for states to enable sports betting.

The industry sees a "once in a generation" opportunity to develop a new market in sports betting-mad America, said Dublin-based monetary expert David Jennings, who heads leisure research at Davy.

For UK firms, which are facing consolidation, increased online competitors and tougher guidelines from UK regulators, the timing is especially opportune.

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But the market states relying on the US stays a risky bet, as UK companies deal with complex state-by-state guideline and competition from established local interests.

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

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

Firms are wanting to take advantage of 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 discovered the law was an over-reach of federal power. But the court it did not in fact legalise sports betting, leaving that concern to regional lawmakers.

That is expected to cause substantial variation in how firms get accredited, where sports betting wagering can happen, and which events are open to speculation - with huge 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 transfer to legalise, Oxford Economics estimated in a 2017 research study for the American Gaming Association.

"There was a great deal of 'this is going to be huge'", said Will Hawkley, London-based head of leisure for consultants KPMG.
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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 take time'."

'Remains to be seen"

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

But bookmakers deal with a far different landscape in America than they perform in the UK, where sports betting stores are a regular sight.

US laws minimal gaming mostly to Native American lands and Nevada's Las Vegas strip till relatively recently.

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

States have likewise been slow to legalise lots of 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 clearly remains 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 guideline.

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

Now an expert, he says UK companies should approach the market thoroughly, picking partners with caution and avoiding bad moves that might lead to regulator backlash.

"This is a chance for the American sports betting bettor ... I'm uncertain whether it is a chance for organization," he says. "It truly depends on the outcome of [state] legislation and how business operators pursue the opportunity."

'It will be collaborations'

As legalisation starts, sports betting companies are lobbying to ward off high tax rates, as well as demands by US sports betting leagues, which wish to collect a percentage of revenue as an "stability charge".
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International companies face the added challenge of a powerful existing gaming market, with casino operators, state-run lottery games and Native American tribes that are seeking to defend their turf.

Analysts state UK companies will require to strike partnerships, providing their competence and technology in order to make inroads.
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They indicate SBTech's current announcement that it is supplying technology for Kentucky Derby operator Churchill Downs as an example of the sort of deals 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 stated.

'It will simply depend'

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

The business has been buying the US market given that 2011, when it purchased three US companies to establish an existence in Nevada.

William Hill now utilizes about 450 people in the US and has actually revealed collaborations with casinos in Iowa and New Jersey.

It works as danger manager for the Delaware Lottery and has actually invested millions alongside a regional designer in a New Jersey horse racing track.

Mr Asher said William Hill has ended up being a family name in Nevada but that's not always the goal everywhere.

"We definitely intend to have a really significant brand 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 greatest sports betting wagering market on the planet," he included. "Obviously that's not going to occur on the first day."

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