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UK sports betting companies bet on US after sports betting wager judgment
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5 June 2018
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By Natalie Sherman

Business reporter, New york city
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It's high stakes for UK firms as sports betting wagering starts to spread in America.

From Tuesday, brand-new rules on sports betting came into impact in Delaware, a small east coast state about 2 hours from Washington.

Neighbouring New Jersey might begin accepting sports betting bets as early as Friday.

The changes are the very first in what might end up being a wave of legalisation after the Supreme Court last month cleared the method for states to allow sports betting.

The industry sees a "as soon as in a generation" chance to establish a new market in sports betting-mad America, said Dublin-based financial expert David Jennings, who heads leisure research at Davy.

For UK companies, which are facing debt consolidation, increased online competition and tougher rules from UK regulators, the timing is especially opportune.

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But the industry states depending on the US remains a dangerous bet, as UK business face complex state-by-state guideline and competitors from interests.

"It's something that we're truly concentrating on, however equally we don't wish to overhype it," said James Midmer, representative at Paddy Power Betfair, which recently purchased the US fantasy sports betting website FanDuel.

'Take time'
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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 intending to take advantage of more of that activity after last month's decision, 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 legislators.

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

Potential income ranges from $4.2 bn to nearly $20bn yearly depending on aspects like the number of states relocate to legalise, Oxford Economics approximated in a 2017 research study for the American Gaming Association.

"There was a lot of 'this is going to be substantial'", said Will Hawkley, London-based head of leisure for consultants KPMG.

Now, he stated: "I think 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 time'."

'Remains to be seen"

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

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

US laws limited gaming largely to Native American lands and Nevada's Las Vegas strip until relatively just recently.

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

States have likewise been sluggish to legalise many forms of online gambling, despite a 2011 Justice Department opinion that appeared to get rid of barriers.

While sports betting wagering is typically seen in its own category, "it clearly remains to be seen whether it gets the kind of momentum individuals believe it will," said Keith Miller, law teacher at Drake University and co-author of a book about sports betting wagering guideline.

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

Now an expert, he says UK firms must approach the marketplace carefully, picking partners with caution and avoiding errors that might result in regulator reaction.

"This is a chance for the American sports betting gambler ... I'm unsure whether it is a chance for organization," he states. "It really depends on the result of [state] legislation and how business operators pursue the opportunity."

'It will be collaborations'

As legalisation begins, sports betting companies are lobbying to fend off high tax rates, in addition to requests by US sports betting leagues, which desire to collect a percentage of revenue as an "integrity fee".

International business deal with the included obstacle of an effective existing video gaming market, with gambling establishment operators, state-run lottery games and Native American tribes that are seeking to defend their grass.

Analysts state UK firms will require to strike partnerships, providing their know-how and innovation in order to make inroads.

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

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

'It will simply depend'
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Joe Asher, president at William Hill US, is clear-eyed about the realities.

The company has been investing in the US market given that 2011, when it bought 3 US companies to develop a presence in Nevada.

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

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

Mr Asher said William Hill has become a family name in Nevada but that's not necessarily the objective all over.

"We definitely plan to have an extremely significant brand presence in New Jersey," he said. "In other states, it will just depend on regulation and potentially who our local partner is."

"The US is going to be the most significant sports betting market in the world," he added. "Obviously that's not going to take place on the first day."

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