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UK wagering companies bet on US after sports betting wager ruling
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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 out in America.

From Tuesday, new rules on wagering entered result in Delaware, a small east coast state about 2 hours from Washington.

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

The changes are the very 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 expert David Jennings, who heads leisure research study at Davy.

For UK firms, which are grappling with combination, increased online competition and harder rules from UK regulators, the timing is especially suitable.

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

"It's something that we're actually concentrating on, but equally we don't want to overhype it," said James Midmer, spokesperson at Paddy Power Betfair, which just recently acquired the US dream sports betting website FanDuel.

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

Firms are hoping to take advantage of more of that activity after last month's choice, which overruled a 1992 federal law that barred states beyond Nevada and a couple of others from authorising sports betting wagering.

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

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

Potential earnings ranges from $4.2 bn to almost $20bn every year depending upon aspects like the number of states move to legalise, Oxford Economics estimated in a 2017 study for the American Gaming Association.

"There was a lot of 'this is going to be big'", stated Will Hawkley, London-based head of leisure for consultants KPMG.

Now, he stated: "I think many people ... are looking at this as, 'it's an opportunity however 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, managing 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 income.

But bookmakers face a far various landscape in America than they carry out in the UK, where wagering shops are a frequent sight.

US laws minimal sports betting mostly to Native American lands and Nevada's Las Vegas strip till reasonably just recently.

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

States have likewise been slow to legalise numerous types of online sports betting, in spite of a 2011 Justice Department opinion that appeared to eliminate barriers.

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

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 jail time.

Now an expert, he states UK firms must approach the marketplace carefully, choosing partners with care and avoiding errors that might lead to regulator backlash.

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

'It will be partnerships'

As legalisation begins, sports betting wagering companies are lobbying to ward off high tax rates, as well as demands by US sports betting leagues, which wish to gather a portion of profits as an "stability fee".
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International business deal with the included challenge of an effective existing video gaming market, with casino operators, state-run lottery games and Native American tribes that are seeking to protect their turf.

Analysts say UK firms will require to strike partnerships, offering their expertise and technology in order to make inroads.

They indicate SBTech's recent announcement that it is providing technology for Kentucky Derby operator Churchill Downs as an example of the sort of offers 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 said.

'It will simply depend'

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

The business has been purchasing the US market because 2011, when it acquired three US firms to establish an existence in Nevada.

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

It works as risk supervisor for the Delaware Lottery and has invested millions along with a local designer in a New Jersey horse racing track.

Mr Asher stated William Hill has ended up being a family name in Nevada but that's not necessarily the objective everywhere.

"We definitely intend to have a very considerable brand name presence in New Jersey," he said. "In other states, it will simply depend on policy and potentially who our local partner is."

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

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