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UK wagering companies gamble on US after sports betting wager ruling

5 June 2018
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It's high stakes for UK companies as sports betting wagering starts to spread out in America.

From Tuesday, new guidelines on wagering entered impact in Delaware, a small east coast state about two hours from Washington.
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Neighbouring New Jersey might start accepting sports betting bets as early as Friday.

The modifications are the first in what could become a wave of legalisation after the Supreme Court last month cleared the method for states to allow sports betting wagering.

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 study at Davy.

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

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But the industry says depending on the US remains a dangerous bet, as UK companies deal with complex state-by-state regulation and competitors from entrenched local interests.

"It's something that we're truly focusing on, but equally we don't desire to overhype it," stated James Midmer, spokesman at Paddy Power Betfair, which recently bought the US fantasy sports betting website FanDuel.

'Take time'

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

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

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

That is expected to result in significant variation in how companies get certified, where sports betting can occur, and which occasions are open to speculation - with big implications for the size of the market.

Potential earnings 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 lot of 'this is going to be substantial'", said Will Hawkley, of leisure for experts KPMG.

Now, he said: "I believe many individuals ... 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 time'."
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'Remains to be seen"

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

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

US laws limited sports betting mainly to Native American lands and Nevada's Las Vegas strip until reasonably just recently.

In the popular imagination, sports betting has long been connected to a 1919 baseball World Series match-fixing scandal.
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States have also been slow to legalise numerous types of online gaming, in spite of a 2011 Justice Department opinion that appeared to get rid of barriers.

While sports betting wagering is normally viewed in its own classification, "it clearly stays to be seen whether it gets the type of momentum people believe it will," said Keith Miller, law teacher at Drake University and co-author of a book about sports betting wagering regulation.
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David Carruthers is the former president of BetonSports, who was jailed in the US in 2006 for running an offshore online sportsbook and served jail time.

Now a specialist, he says UK companies must approach the market carefully, picking partners with care and avoiding errors that could cause regulator backlash.

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

'It will be collaborations'

As legalisation starts, sports betting firms are lobbying to fend off high tax rates, in addition to requests by US sports betting leagues, which desire to gather a portion of income as an "integrity cost".
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International business deal with the included challenge of an effective existing gaming market, with gambling establishment operators, state-run lotteries and Native American tribes that are seeking to defend their turf.

Analysts state UK firms will require to strike collaborations, using their knowledge and technology in order to make inroads.

They indicate SBTech's recent statement that it is providing technology 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 collaborations 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 realities.

The business has actually been purchasing the US market because 2011, when it purchased 3 US firms to develop a presence in Nevada.

William Hill now employs about 450 people in the US and has announced collaborations with casinos in Iowa and New Jersey.

It works as risk supervisor for the Delaware Lottery and has actually invested millions together with a regional developer in a New Jersey horse racing track.

Mr Asher said William Hill has ended up being a home name in Nevada but that's not necessarily the objective everywhere.

"We definitely plan to have a really considerable brand existence in New Jersey," he said. "In other states, it will just depend upon guideline and potentially who our local partner is."

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

US judgment opens way for sports betting