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UK wagering firms bet on US after sports betting wager ruling
bet9ja.com
5 June 2018
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By Natalie Sherman

Business reporter, New york city

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

From Tuesday, new rules on sports betting entered into impact 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.

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

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

For UK firms, which are grappling with debt consolidation, increased online competition and tougher rules from UK regulators, the timing is especially appropriate.

Why the gaming industry faces an unpredictable future

How does prohibited sports betting wagering work and what are the worries?

But the industry says depending on the US stays a dangerous bet, as UK business face regulation and competition from established regional interests.

"It's something that we're truly concentrating on, but equally we don't wish to overhype it," said James Midmer, representative at Paddy Power Betfair, which recently purchased the US fantasy sports betting website FanDuel.

'Take some time'

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

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

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

That is anticipated to cause substantial variation in how firms get accredited, where sports betting can take place, and which occasions are open to speculation - with huge implications for the size of the market.

Potential profits ranges from $4.2 bn to nearly $20bn each year depending on aspects like how numerous states transfer to legalise, Oxford Economics approximated 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 specialists KPMG.

Now, he said: "I think many 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 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, developing a market with about $6bn in yearly income.

But bookies deal with a far different landscape in America than they perform in the UK, where wagering shops are a regular sight.

US laws minimal sports betting mostly to Native American lands and Nevada's Las Vegas strip until fairly recently.

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

States have likewise been sluggish to legalise numerous types of online gambling, regardless of a 2011 Justice Department viewpoint that appeared to eliminate challenges.

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

David Carruthers is the previous chief executive of BetonSports, who was apprehended in the US in 2006 for running an overseas online sportsbook and served prison time.

Now an expert, he states UK companies must approach the market thoroughly, choosing partners with care and preventing missteps that might result in regulator reaction.

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

'It will be collaborations'

As legalisation starts, sports betting wagering companies are lobbying to fend off high tax rates, as well as demands by US sports betting leagues, which desire to collect a portion of revenue as an "stability charge".

International business face the added challenge of an effective existing video gaming industry, with casino operators, state-run lotteries and Native American people that are looking for to protect their grass.

Analysts state UK companies will need to strike partnerships, offering their expertise and innovation 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 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 technology," Mr Hawkley stated.

'It will simply depend'

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

The business has been purchasing the US market since 2011, when it bought 3 US companies to develop an existence in Nevada.

William Hill now utilizes about 450 people in the US and has revealed partnerships with gambling establishments in Iowa and New Jersey.

It works as danger 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 actually become a household name in Nevada but that's not necessarily the goal all over.

"We definitely plan to have a very considerable brand name existence in New Jersey," he said. "In other states, it will simply depend upon policy and possibly who our regional partner is."
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"The US is going to be the greatest sports betting wagering market in the world," he included. "Obviously that's not going to happen on day one."

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