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UK sports betting companies gamble on US after sports betting wager ruling
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5 June 2018
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It's high stakes for UK firms as sports betting starts to spread in America.

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

Neighbouring New Jersey could 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 enable sports betting wagering.

The industry sees a "when 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.

For UK companies, which are grappling with debt consolidation, increased online competition and harder guidelines from UK regulators, the timing is especially suitable.

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But the industry says relying on the US remains a risky bet, as UK companies deal with complicated state-by-state regulation and competition from entrenched local interests.

"It's something that we're really focusing on, however equally we don't desire to overhype it," stated James Midmer, representative at Paddy Power Betfair, which recently purchased the US fantasy sports betting site FanDuel.

'Take some time'

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

Firms are hoping to use more of that activity after last month's choice, which struck down a 1992 federal law that disallowed states outside of Nevada and a couple of others from authorising sports betting wagering.

The ruling discovered the law was an over-reach of federal power. But the court it did not actually legalise sports betting, leaving that concern to local legislators.

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

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

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

Now, he stated: "I think many 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 take some time'."

'Remains to be seen"

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

But bookmakers deal with a far various landscape in America than they carry out in the UK, where betting shops are a frequent sight.

US laws restricted betting largely to Native American lands and Nevada's Las Vegas strip up until fairly recently.

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

States have likewise been sluggish to legalise lots of kinds of online gambling, in spite of a 2011 Justice Department viewpoint that appeared to eliminate barriers.

While sports betting is generally viewed in its own category, "it clearly remains to be seen whether it gets the sort of momentum individuals believe 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 former primary executive of BetonSports, who was arrested in the US in 2006 for running an offshore online sportsbook and served prison time.

Now a consultant, he says UK companies ought to approach the marketplace carefully, picking partners with care and preventing mistakes that might cause regulator reaction.
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"This is a chance for the American sports betting wagerer ... I'm not exactly sure whether it is an opportunity for business," he states. "It actually is reliant on the result of [state] legislation and how the company operators pursue the chance."

'It will be collaborations'
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As legalisation begins, sports betting wagering companies are lobbying to fend off high tax rates, as well as demands by US sports betting leagues, which desire to gather a portion of income as an "stability cost".

International business face the added challenge of an effective existing gaming market, with casino operators, state-run lotteries and Native American people that are looking for to defend their grass.
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Analysts say UK companies will need to strike partnerships, using their proficiency and innovation in order to make inroads.

They indicate SBTech's recent announcement that it is supplying innovation for Kentucky Derby operator Churchill Downs as an example of the type of deals most likely to materialise.

"It will be a win-win for everyone, however it will be partnerships and it will be driven by innovation," Mr Hawkley said.

'It will just depend'

Joe Asher, chief executive at William Hill US, is clear-eyed about the truths.
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The company has actually been purchasing the US market considering that 2011, when it purchased 3 US companies to develop an existence in Nevada.

William Hill now utilizes about 450 people in the US and has actually announced collaborations with gambling establishments in Iowa and New Jersey.

It works as risk manager for the Delaware Lottery and has actually invested millions together with a local designer in a New Jersey horse racing track.

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

"We certainly plan to have a very considerable brand existence in New Jersey," he stated. "In other states, it will just depend on policy and possibly who our regional partner is."

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

US ruling opens way for sports betting
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