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UK wagering companies gamble on US after sports betting wager judgment
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5 June 2018

By Natalie Sherman

Business press reporter, New york city

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

From Tuesday, new guidelines on wagering 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.

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 permit sports betting.

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

For UK firms, which are facing debt consolidation, increased online competitors and harder rules from UK regulators, the timing is especially appropriate.

Why the gaming market deals with an unsure future

How does unlawful sports betting work and what are the fears?

But the market says relying on the US stays a risky bet, as UK companies deal with complicated state-by-state policy and competitors from established regional interests.

"It's something that we're actually concentrating on, however similarly we do not desire to overhype it," said James Midmer, representative at Paddy Power Betfair, which just recently acquired the US fantasy sports betting site FanDuel.

'Take some time'

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

Firms are hoping to tap into more of that activity after last decision, which overruled a 1992 federal law that disallowed states beyond Nevada and a few others from authorising sports betting wagering.

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

That is expected to result in considerable variation in how companies get accredited, where sports betting can take place, and which occasions are open to speculation - with huge ramifications for the size of the market.

Potential profits varieties from $4.2 bn to nearly $20bn yearly depending on aspects like the number of states move 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 said: "I believe many individuals ... 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 kind by 2023, producing a market with about $6bn in annual earnings.

But bookies face a far various landscape in America than they do in the UK, where wagering stores are a regular sight.
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US laws minimal sports betting mainly to Native American lands and Nevada's Las Vegas strip until relatively recently.

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

States have actually likewise been sluggish to legalise many kinds of online gambling, regardless of a 2011 Justice Department viewpoint that appeared to remove challenges.

While sports betting wagering is usually viewed in its own classification, "it plainly stays to be seen whether it gets the kind of momentum individuals think it will," said Keith Miller, law teacher at Drake University and co-author of a book about sports betting policy.

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

Now an expert, he says UK companies need to approach the marketplace thoroughly, picking partners with caution and preventing mistakes that might cause regulator reaction.

"This is a chance for the American sports betting wagerer ... I'm not exactly sure whether it is an opportunity for organization," he states. "It actually is reliant on the result of [state] legislation and how the organization operators pursue the opportunity."

'It will be partnerships'

As legalisation begins, sports betting wagering firms are lobbying to fend off high tax rates, as well as demands by US sports betting leagues, which wish to gather a portion of earnings as an "integrity charge".

International business face the added challenge of an effective existing video gaming industry, with gambling establishment operators, state-run lotteries and Native American people that are seeking to safeguard their turf.

Analysts say UK companies will require to strike partnerships, offering their proficiency and technology in order to make inroads.
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They indicate SBTech's current statement that it is offering 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, but it will be partnerships and it will be driven by technology," Mr Hawkley stated.

'It will simply depend'

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

The business has been buying the US market since 2011, when it purchased three US companies to establish a presence in Nevada.

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

It works as risk supervisor for the Delaware Lottery and has invested millions together with a local designer in a New Jersey horse racing track.
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Mr Asher said William Hill has become a home name in Nevada but that's not always the objective all over.

"We definitely mean to have an extremely significant brand name existence in New Jersey," he said. "In other states, it will just depend upon regulation and possibly who our regional partner is."

"The US is going to be the greatest sports betting wagering market worldwide," he included. "Obviously that's not going to take place on day one."

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