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

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

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

Neighbouring New Jersey could start accepting sports betting bets as early as Friday.

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

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

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

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But the industry states counting on the US stays a risky bet, as UK business deal with complex state-by-state policy and competitors from established regional interests.

"It's something that we're really concentrating on, but equally we do not want to overhype it," stated James Midmer, spokesperson at Paddy Power Betfair, which just recently bought the US dream sports betting website FanDuel.
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'Take time'

The US represented about 23% of the world's $244bn (₤ 182bn) in gaming revenue 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 choice, which overruled a 1992 federal law that disallowed states outside of Nevada and a few others from authorising sports betting.

The judgment discovered the law was an of federal power. But the court it did not in fact legalise sports betting, leaving that question to regional lawmakers.

That is expected to cause significant variation in how firms get accredited, where sports betting can happen, and which occasions are open to speculation - with huge implications for the size of the marketplace.

Potential revenue ranges from $4.2 bn to nearly $20bn every year depending on aspects like how many states move to legalise, Oxford Economics approximated in a 2017 study for the American Gaming Association.

"There was a great deal of 'this is going to be substantial'", stated Will Hawkley, London-based head of leisure for experts KPMG.

Now, he stated: "I think the majority of people ... 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, predicts that 32 states will legalise sports betting in some kind by 2023, creating a market with about $6bn in annual earnings.

But bookmakers deal with a far different landscape in America than they carry out in the UK, where sports betting shops are a regular sight.

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

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

States have likewise been slow to legalise lots of forms of online sports betting, regardless of a 2011 Justice Department viewpoint that appeared to get rid of challenges.
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While sports betting is typically viewed in its own category, "it clearly stays to be seen whether it gets the type of momentum individuals think 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 president of BetonSports, who was arrested in the US in 2006 for running an overseas online sportsbook and served prison time.

Now a consultant, he states UK companies need to approach the marketplace carefully, choosing partners with caution and preventing missteps that could cause regulator backlash.

"This is an opportunity for the American sports betting bettor ... I'm uncertain whether it is an opportunity for organization," he says. "It really depends on the outcome of [state] legislation and how the company operators pursue the opportunity."
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'It will be collaborations'

As legalisation starts, sports betting companies are lobbying to ward off high tax rates, in addition to requests by US sports betting leagues, which want to collect a percentage of profits as an "stability cost".

International companies deal with the added challenge of a powerful existing gaming industry, with gambling establishment operators, state-run lotteries and Native American tribes that are looking for to safeguard their turf.

Analysts say UK companies will require to strike partnerships, providing their competence and technology in order to make inroads.
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They indicate SBTech's current announcement that it is providing 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 collaborations and it will be driven by technology," Mr Hawkley said.

'It will just depend'

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

The company has been investing in the US market considering that 2011, when it acquired three US companies to establish a presence in Nevada.

William Hill now employs about 450 individuals in the US and has actually announced partnerships with gambling establishments in Iowa and New Jersey.
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It works as threat manager for the Delaware Lottery and has invested millions alongside a local designer in a New Jersey horse racing track.

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

"We definitely intend to have an extremely considerable brand existence in New Jersey," he stated. "In other states, it will just depend on guideline and possibly who our regional partner is."

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

US ruling opens method for sports betting wagering
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