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UK sports betting companies bet on US after sports betting wager judgment

5 June 2018

By Natalie Sherman

Business reporter, New york city

It's high stakes for UK companies as sports betting wagering starts to spread out in America.
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From Tuesday, brand-new guidelines on wagering 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.

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

The industry sees a "once in a generation" opportunity to develop a brand-new market in sports betting-mad America, said Dublin-based monetary analyst David Jennings, who heads leisure research at Davy.

For UK firms, which are grappling with consolidation, increased online competitors and harder rules from UK regulators, the timing is especially opportune.

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But the industry states relying on the US stays a risky bet, as UK companies face complicated state-by-state regulation and competitors from established local interests.

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

'Take time'

The US accounted for 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 tap into 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.

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

That is expected to lead to substantial variation in how firms get licensed, where sports betting can happen, and which occasions are open to speculation - with big ramifications for the size of the market.

Potential revenue varieties from $4.2 bn to nearly $20bn each year depending on elements like how lots of states transfer to legalise, Oxford Economics approximated in a 2017 research study for the American Gaming Association.
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"There was a lot of 'this is going to be substantial'", stated Will Hawkley, London-based head of leisure for specialists KPMG.

Now, he stated: "I think the majority of individuals ... are taking a look at this as, 'it's an opportunity 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, forecasts that 32 states will legalise sports betting in some kind by 2023, producing a market with about $6bn in annual revenue.

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

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

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

States have likewise been sluggish to legalise many kinds of online gaming, despite a 2011 Justice Department opinion that appeared to get rid of challenges.

While sports betting wagering is normally viewed in its own classification, "it clearly remains to be seen whether it gets the sort of momentum people believe it will," said Keith Miller, law teacher at Drake University and co-author of a book about sports betting wagering policy.
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David Carruthers is the former chief executive of BetonSports, who was apprehended 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 market carefully, choosing partners with care and preventing missteps that might result in regulator reaction.

"This is an opportunity for the American sports betting bettor ... I'm not sure whether it is an opportunity for service," he says. "It actually depends on the result of [state] legislation and how the business operators pursue the opportunity."
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'It will be collaborations'

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

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

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

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

"It will be a win-win for everybody, however it will be collaborations 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 truths.

The company has actually been purchasing the US market because 2011, when it purchased three US firms to establish an existence in Nevada.
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William Hill now utilizes about 450 individuals in the US and has announced partnerships with gambling establishments in Iowa and New Jersey.

It works as danger supervisor for the Delaware Lottery and has invested millions together with a local designer 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 everywhere.

"We certainly plan to have a really significant brand name presence in New Jersey," he said. "In other states, it will simply depend upon and possibly who our regional partner is."

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

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