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

By Natalie Sherman
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Business press reporter, New york city

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

From Tuesday, brand-new rules on sports betting entered effect in Delaware, a tiny east coast state about 2 hours from Washington.

Neighbouring New Jersey might begin accepting sports betting bets as early as Friday.
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The modifications are the first in what might become a wave of legalisation after the Supreme Court last month cleared the method for states to permit sports betting wagering.
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The market sees a "when in a generation" chance to establish a new market in sports betting-mad America, stated Dublin-based financial expert David Jennings, who heads leisure research at Davy.

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

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But the market says relying on the US remains a risky bet, as UK companies face complex state-by-state regulation and competitors from established local interests.

"It's something that we're actually concentrating on, however equally we don't desire to overhype it," stated James Midmer, spokesperson at Paddy Power Betfair, which just recently purchased the US dream sports betting .
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'Take time'
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The US represented about 23% of the world's $244bn (₤ 182bn) in video gaming income last year, according to a report by Technavio, external released in January.

Firms are intending 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 couple of others from authorising sports betting.

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

That is expected to lead to significant variation in how companies get licensed, where sports betting can happen, and which events are open to speculation - with huge implications for the size of the marketplace.

Potential profits varieties from $4.2 bn to practically $20bn annually depending on aspects like the number of states relocate to legalise, Oxford Economics approximated in a 2017 study for the American Gaming Association.
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"There was a lot of 'this is going to be huge'", stated Will Hawkley, London-based head of leisure for experts KPMG.

Now, he said: "I think the majority of individuals ... are taking a look 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 require time'."

'Remains to be seen"

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

But bookies face a far various landscape in America than they perform in the UK, where sports betting stores are a frequent sight.

US laws restricted gambling largely to Native American lands and Nevada's Las Vegas strip up until relatively just recently.

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

States have actually also been slow to legalise lots of forms of online gambling, in spite of a 2011 Justice Department viewpoint that appeared to eliminate barriers.

While sports betting is normally seen in its own category, "it clearly stays to be seen whether it gets the type of momentum individuals believe it will," stated Keith Miller, law teacher 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 jailed in the US in 2006 for running an overseas online sportsbook and served prison time.

Now an expert, he says UK companies should approach the marketplace carefully, picking partners with care and avoiding errors that might lead to regulator backlash.

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

'It will be collaborations'

As legalisation begins, sports betting companies are lobbying to ward off high tax rates, along with demands by US sports betting leagues, which wish to collect a portion of revenue as an "stability charge".

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

Analysts state UK firms will need to strike partnerships, offering their know-how and technology in order to make inroads.

They point to SBTech's recent announcement that it is supplying technology for Kentucky Derby operator Churchill Downs as an example of the type of deals likely to materialise.

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

'It will simply depend'

Joe Asher, chief executive at William Hill US, is clear-eyed about the truths.

The company has actually been buying the US market given that 2011, when it bought three US firms to establish a presence in Nevada.

William Hill now uses about 450 people in the US and has actually announced collaborations with gambling establishments in Iowa and New Jersey.

It works as threat supervisor for the Delaware Lottery and has invested millions together with a regional developer in a New Jersey horse racing track.

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

"We certainly mean to have an extremely substantial brand name presence in New Jersey," he said. "In other states, it will just depend upon policy and possibly who our regional partner is."

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

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