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UK sports betting firms gamble on US after sports betting wager ruling
bet9ja.com
5 June 2018

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

From Tuesday, new rules on wagering entered impact 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 modifications are the first in what might end up being a wave of legalisation after the Supreme Court last month cleared the way for states to allow sports betting.

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

For UK firms, which are coming to grips with combination, increased online competition and harder rules from UK regulators, the timing is especially appropriate.

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

"It's something that we're truly focusing on, however similarly we don't desire to overhype it," stated James Midmer, spokesperson at Paddy Power Betfair, which just recently acquired the US dream sports betting site FanDuel.

'Take time'

The US accounted for about 23% of the world's $244bn (₤ 182bn) in video gaming earnings last year, according to a report by Technavio, external published in January.

Firms are intending to take advantage of more of that activity after last month's decision, which struck down a 1992 federal law that disallowed states outside of Nevada and a few others from authorising sports betting.

The ruling found the law was an over-reach of federal power. But the court it did not actually legalise sports betting, leaving that concern to regional lawmakers.

That is expected to cause significant variation in how firms get licensed, where sports betting wagering can happen, and which events are open to speculation - with big ramifications for the size of the marketplace.

Potential revenue varieties from $4.2 bn to almost $20bn annually depending upon elements like how many states relocate to legalise, Oxford Economics in a 2017 research study for the American Gaming Association.

"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 think the majority of people ... are taking a look at this as, 'it's a chance however 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 in some form by 2023, producing a market with about $6bn in yearly revenue.

But bookmakers face a far different landscape in America than they do in the UK, where betting shops are a regular sight.

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

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

States have likewise been slow to legalise numerous types of online gaming, regardless of a 2011 Justice Department viewpoint that appeared to eliminate obstacles.

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

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 a consultant, he says UK companies need to approach the marketplace thoroughly, choosing partners with care and preventing bad moves that might lead to regulator backlash.

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

'It will be partnerships'

As legalisation begins, sports betting wagering companies are lobbying to ward off high tax rates, along with requests by US sports betting leagues, which wish to collect a percentage of income as an "stability cost".

International business deal with the added obstacle of a powerful existing gaming market, with gambling establishment operators, state-run lotteries and Native American tribes that are seeking to safeguard their grass.

Analysts state UK companies will need to strike collaborations, using their competence and technology in order to make inroads.

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

"It will be a win-win for everybody, but it will be collaborations 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 realities.

The company has actually been purchasing the US market given that 2011, when it bought 3 US firms to establish a presence in Nevada.

William Hill now utilizes about 450 individuals in the US and has actually announced collaborations with casinos in Iowa and New Jersey.

It works as danger 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 family name in Nevada but that's not always the goal all over.

"We definitely plan to have a very considerable brand name presence in New Jersey," he stated. "In other states, it will just depend upon policy and potentially who our regional partner is."

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

US ruling opens way for sports betting
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