From 8c5753be858e64b3d41a796d5f6adc89cc821e53 Mon Sep 17 00:00:00 2001 From: dellaepstein25 Date: Thu, 2 Jan 2025 12:59:47 +0800 Subject: [PATCH] Add 'UK Betting Firms Gamble on United States After Sports Wager Ruling' --- ...United-States-After-Sports-Wager-Ruling.md | 45 +++++++++++++++++++ 1 file changed, 45 insertions(+) create mode 100644 UK-Betting-Firms-Gamble-on-United-States-After-Sports-Wager-Ruling.md diff --git a/UK-Betting-Firms-Gamble-on-United-States-After-Sports-Wager-Ruling.md b/UK-Betting-Firms-Gamble-on-United-States-After-Sports-Wager-Ruling.md new file mode 100644 index 0000000..3231d12 --- /dev/null +++ b/UK-Betting-Firms-Gamble-on-United-States-After-Sports-Wager-Ruling.md @@ -0,0 +1,45 @@ +
UK wagering firms gamble on US after [sports betting](https://chatkc.com/read-blog/491_best-u-s-sports-betting-sites-amp-sportsbooks-for-2024.html) wager judgment
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5 June 2018
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It's high stakes for UK companies as [sports betting](https://energypowerworld.co.uk/read-blog/144383_the-ins-and-outs-of-betting-on-the-nfl-draft.html) starts to spread in America.
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From Tuesday, brand-new guidelines on [sports betting](https://drapia.org/11-WIKI/index.php/User:JanessaBroderick) entered effect in Delaware, a small east coast state about two hours from Washington.
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[Neighbouring](https://travel-friends.net/read-blog/1074_the-history-of-the-nfl-and-how-to-bet-on-it.html) New Jersey might begin accepting [sports betting](https://farmwoo.com/read-blog/9531_best-u-s-sports-betting-sites-amp-sportsbooks-for-2024.html) bets as early as Friday.
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The changes are the first in what could become a wave of legalisation after the Supreme Court last month cleared the way for states to allow [sports betting](https://seenoor.com/read-blog/424_how-much-are-americans-spending-on-sports-betting.html).
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The market sees a "when in a generation" chance to develop a brand-new market in [sports betting](https://wiki.rrtn.org/wiki/index.php/User:ShaneAllcot3326)-mad America, said Dublin-based monetary expert David Jennings, who heads leisure research study at Davy.
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For UK firms, which are coming to grips with debt consolidation, increased online competitors and harder rules from UK regulators, the timing is particularly appropriate.
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Why the [sports betting](https://farmwoo.com/read-blog/9538_sport-betting-industry-aims-to-protect-itself.html) market faces an uncertain future
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How does illegal [sports betting](https://encone.com/read-blog/46248_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) work and what are the worries?
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But the industry states relying on the US remains a risky bet, as [UK business](https://sahabatcasn.com/read-blog/201_for-sports-gambling-to-be-legalised.html) deal with complex state-by-state policy and [competitors](http://bedfordfalls.live/read-blog/117074_best-u-s-sports-betting-sites-amp-sportsbooks-for-2024.html) from entrenched regional interests.
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"It's something that we're actually concentrating on, however similarly we don't wish to overhype it," stated James Midmer, spokesperson at Paddy Power Betfair, which recently acquired the US fantasy [sports betting](https://app.theremoteinternship.com/read-blog/25786_the-history-of-the-nfl-and-how-to-bank-on-it.html) website FanDuel.
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'Take some time'
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The US represented about 23% of the world's $244bn (₤ 182bn) in gaming earnings in 2015, according to a report by Technavio, external released in January.
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Firms are wishing to tap into more of that activity after last month's decision, which struck down a 1992 federal law that disallowed states outside of Nevada and a couple of others from authorising [sports betting](https://wiki.rrtn.org/wiki/index.php/User:ShaneAllcot3326).
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The judgment discovered the law was an over-reach of federal power. But the court it did not in fact legalise [sports betting](https://soucial.net/read-blog/7625_compare-amp-review-oddsjet-de.html), leaving that question to regional lawmakers.
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That is to result in substantial variation in how companies get certified, where [sports betting](https://santosfcfansclub.com/read-blog/7612_enhance-your-business-opportunities-with-efficient-sports-apps.html) wagering can happen, and which events are open to speculation - with huge implications for the size of the marketplace.
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Potential earnings ranges from $4.2 bn to practically $20bn yearly depending upon factors like how numerous states move to legalise, Oxford Economics estimated 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 consultants KPMG.
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Now, he said: "I think many people ... are looking 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 require time'."
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'Remains to be seen"
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Chris Grove, managing director at Eilers & Krejcik Gaming, forecasts that 32 states will legalise [sports betting](https://afrocinema.org/read-blog/42627_for-sports-gambling-to-be-legalised.html) wagering in some type by 2023, creating a market with about $6bn in yearly earnings.
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But bookmakers face a far various landscape in America than they do in the UK, where wagering shops are a frequent sight.
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US laws limited gambling mostly to Native American lands and Nevada's Las Vegas strip until fairly just recently.
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In the popular creativity, [sports betting](https://origintraffic.com/read-blog/1685_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) wagering has long been linked to a 1919 baseball World Series match-fixing scandal.
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States have also been sluggish to legalise many types of online gambling, in spite of a 2011 Justice Department opinion that appeared to remove challenges.
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While [sports betting](https://moonifie.com/read-blog/1411_how-to-attract-users-to-my-fantasy-sports-platform.html) wagering is typically viewed in its own classification, "it plainly stays to be seen whether it gets the type of momentum individuals believe it will," stated Keith Miller, law professor at Drake University and co-author of a book about [sports betting](https://www.opentx.cz/index.php/U%C5%BEivatel:LouisGleason216) wagering policy.
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David Carruthers is the previous chief executive of BetonSports, who was detained in the US in 2006 for running an overseas online sportsbook and served jail time.
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Now an expert, he states UK firms ought to approach the market carefully, picking partners with caution and preventing errors that might cause regulator backlash.
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"This is an opportunity for the American [sports betting](http://famedoot.in/read-blog/79_online-betting-firms-gamble-on-soccer-mad-nigeria.html) wagerer ... I'm not sure whether it is a chance for service," he says. "It actually depends on the result of [state] legislation and how business operators pursue the chance."
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'It will be collaborations'
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As legalisation starts, [sports betting](http://milkywaystars.site/read-blog/3036_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) companies are lobbying to ward off high tax rates, along with demands by US [sports betting](http://famedoot.in/read-blog/91_how-fantasy-betting-app-development-companies-and-sports-developers.html) leagues, which want to collect a portion of income as an "stability charge".
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International companies face the added obstacle of an effective existing gaming industry, with casino operators, state-run lottery games and Native American people that are looking for to protect their turf.
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Analysts state UK firms will require to strike partnerships, offering their knowledge and innovation in order to make inroads.
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They point to SBTech's recent statement that it is supplying technology for Kentucky Derby operator Churchill Downs as an example of the sort of deals likely to materialise.
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"It will be a win-win for everyone, but it will be partnerships and it will be driven by innovation," Mr Hawkley said.
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'It will just depend'
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Joe Asher, president at William Hill US, is clear-eyed about the realities.
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The company has actually been buying the US market since 2011, when it acquired three US companies to establish a presence in Nevada.
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William Hill now utilizes about 450 individuals in the US and has actually announced collaborations with casinos in Iowa and New Jersey.
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It works as danger supervisor for the Delaware Lottery and has actually invested millions along with a local designer in a New Jersey horse racing track.
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Mr Asher said William Hill has actually ended up being a family name in Nevada but that's not always the goal everywhere.
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"We certainly mean to have a very substantial brand name presence in New Jersey," he stated. "In other states, it will just depend upon [regulation](https://seenoor.com/read-blog/436_sport-betting-industry-aims-to-protect-itself.html) and possibly who our regional partner is."
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"The US is going to be the most significant [sports betting](http://yijichain.com/read-blog/15174_sport-betting-industry-wants-to-protect-itself.html) market on the planet," he added. "Obviously that's not going to take place on the first day."
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US ruling opens method for [sports betting](https://pipewiki.org/wiki/index.php/User:LeonieBlackwood)
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