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

By Natalie Sherman

Business reporter, New York

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

From Tuesday, brand-new rules on betting came into effect in Delaware, a small east coast state about two hours from Washington.

Neighbouring New Jersey could start accepting sports betting bets as early as Friday.
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The modifications 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 permit sports betting wagering.

The market sees a "once in a generation" opportunity to establish a new market in sports betting-mad America, stated Dublin-based financial expert David Jennings, who heads leisure research study at Davy.

For UK companies, which are coming to grips with consolidation, increased online competition and harder rules from UK regulators, the timing is especially suitable.

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But the market states relying on the US remains a risky bet, as UK companies face complicated state-by-state guideline and competition from established local interests.

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

'Require time'

The US represented about 23% of the world's $244bn (₤ 182bn) in gaming earnings last year, according to a report by Technavio, external published in January.
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Firms are wanting to tap into 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.

The judgment discovered the law was an over-reach of . But the court it did not in fact legalise sports betting, leaving that concern to local legislators.

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

Potential income varieties from $4.2 bn to practically $20bn every year depending on elements like the number of states transfer 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 substantial'", stated Will Hawkley, London-based head of leisure for consultants KPMG.

Now, he stated: "I believe many people ... are looking 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 take some time'."

'Remains to be seen"

Chris Grove, handling director at Eilers & Krejcik Gaming, anticipates that 32 states will legalise sports betting in some form by 2023, creating 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 frequent sight.

US laws restricted gambling mainly to Native American lands and Nevada's Las Vegas strip till fairly recently.

In the popular imagination, sports betting wagering has actually long been connected to a 1919 baseball World Series match-fixing scandal.
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States have also been sluggish to legalise numerous kinds of online gambling, despite a 2011 Justice Department viewpoint that appeared to eliminate obstacles.

While sports betting wagering is typically seen in its own category, "it plainly stays to be seen whether it gets the sort of momentum people believe it will," said Keith Miller, law professor 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 overseas online sportsbook and served jail time.

Now a consultant, he says UK companies need to approach the market carefully, picking partners with caution and avoiding mistakes that could lead to regulator backlash.

"This is an opportunity for the American sports betting bettor ... I'm not exactly sure whether it is an opportunity for business," he states. "It really is reliant on the outcome of [state] legislation and how business operators pursue the chance."
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'It will be collaborations'

As legalisation begins, sports betting firms are lobbying to fend off high tax rates, along with requests by US sports betting leagues, which want to collect a portion of revenue as an "stability fee".

International business face the included obstacle of an effective existing gaming industry, with gambling establishment operators, state-run lotteries and Native American tribes that are looking for to protect their turf.

Analysts state UK companies will require to strike partnerships, using their competence and innovation in order to make inroads.

They point to SBTech's recent announcement that it is offering 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 everyone, but it will be partnerships and it will be driven by innovation," Mr Hawkley stated.

'It will just depend'

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

The business has actually been investing in the US market because 2011, when it purchased 3 US firms to develop an existence in Nevada.

William Hill now uses about 450 individuals in the US and has announced collaborations with gambling establishments in Iowa and New Jersey.

It works as risk supervisor for the Delaware Lottery and has invested millions alongside a local designer in a New Jersey horse racing track.

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

"We certainly intend to have a very significant brand presence in New Jersey," he said. "In other states, it will simply depend upon policy and possibly who our local partner is."

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

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