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UK sports betting firms gamble 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 out in America.

From Tuesday, new guidelines on sports betting entered into result in Delaware, a small east coast state about 2 hours from Washington.

Neighbouring New Jersey could begin accepting sports betting bets as early as Friday.
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The changes are the very first in what could become a wave of legalisation after the Supreme Court last month cleared the way for states to allow sports betting wagering.

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

For UK firms, which are facing combination, increased online competitors and tougher rules from UK regulators, the timing is particularly suitable.
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But the market says relying on the US remains a risky bet, as UK companies deal with complex state-by-state regulation and competitors from entrenched regional interests.

"It's something that we're really focusing on, however similarly we do not desire to overhype it," said James Midmer, spokesperson at Paddy Power Betfair, which recently acquired the US dream sports betting website FanDuel.

'Take some time'

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

Firms are wishing to take advantage of more of that activity after last month's decision, which overruled a 1992 federal law that disallowed states beyond Nevada and a few others from authorising sports betting.

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

That is expected to cause considerable variation in how companies get accredited, where sports betting can occur, and which events are open to speculation - with huge for the size of the market.
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Potential income ranges from $4.2 bn to almost $20bn each year depending on elements like the number of states relocate 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 big'", said Will Hawkley, London-based head of leisure for experts KPMG.

Now, he stated: "I think the majority of people ... are taking a look at this as, 'it's an opportunity however it's not going to be $20bn and it's going to be state by state and it's going to require time'."

'Remains to be seen"

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

But bookmakers deal with a far different landscape in America than they do in the UK, where sports betting shops are a regular sight.
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US laws restricted gambling mostly to Native American lands and Nevada's Las Vegas strip till reasonably just recently.

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

States have actually also been sluggish to legalise numerous forms of online gambling, despite a 2011 Justice Department viewpoint that appeared to get rid of challenges.

While sports betting is usually viewed in its own classification, "it plainly remains to be seen whether it gets the type of momentum people believe it will," stated Keith Miller, law professor at Drake University and co-author of a book about sports betting wagering guideline.

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

Now a specialist, he states UK companies ought to approach the marketplace thoroughly, choosing partners with care and preventing mistakes that could result in regulator reaction.

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

'It will be partnerships'

As legalisation begins, sports betting wagering companies are lobbying to fend off high tax rates, as well as requests by US sports betting leagues, which wish to gather a portion of income as an "stability cost".

International business deal with the added challenge of a powerful existing video gaming market, with gambling establishment operators, state-run lotteries and Native American people that are seeking to defend their grass.

Analysts state UK firms will need to strike partnerships, providing their proficiency and technology in order to make inroads.

They indicate SBTech's recent announcement that it is providing innovation for Kentucky Derby operator Churchill Downs as an example of the kind of offers likely to materialise.

"It will be a win-win for everybody, but it will be collaborations and it will be driven by technology," Mr Hawkley said.

'It will just depend'

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

The company has been buying the US market because 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 revealed partnerships with casinos in Iowa and New Jersey.

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

Mr Asher stated William Hill has become a family name in Nevada however that's not necessarily the goal all over.

"We definitely intend to have an extremely considerable brand existence in New Jersey," he said. "In other states, it will just depend on guideline and possibly who our local partner is."

"The US is going to be the greatest sports betting wagering market in the world," he added. "Obviously that's not going to occur on the first day."

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