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

By Natalie Sherman

Business press reporter, New York

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

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

Neighbouring New Jersey might begin accepting sports betting bets as early as Friday.

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

The industry sees a "when in a generation" opportunity to establish a 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 tougher guidelines from UK regulators, the timing is especially opportune.

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But the industry states counting on the US remains a risky bet, as UK business face complicated state-by-state guideline and competitors from entrenched regional interests.

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

'Require time'

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

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

The ruling discovered 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 result in significant variation in how firms get licensed, where sports betting wagering can take place, and which occasions are open to speculation - with huge implications for the size of the market.

Potential profits varieties from $4.2 bn to practically $20bn annually depending upon aspects like how lots of states relocate to legalise, Oxford Economics estimated in a 2017 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 experts KPMG.

Now, he said: "I believe 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 require time'."

'Remains to be seen"

Chris Grove, managing director at Eilers & Krejcik Gaming, forecasts that 32 states will legalise sports betting in some kind by 2023, creating a market with about $6bn in yearly earnings.
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But bookmakers deal with a far various landscape in America than they carry out in the UK, where wagering shops are a regular sight.

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

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

States have actually also been slow to legalise numerous forms of online gaming, in spite of a 2011 Justice Department opinion that appeared to eliminate obstacles.

While sports betting is generally seen in its own classification, "it clearly remains to be seen whether it gets the sort of momentum people think it will," stated Keith Miller, law teacher at Drake University and co-author of a book about sports betting regulation.

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 a consultant, he states UK companies ought to approach the market carefully, choosing partners with caution and avoiding missteps that might result in regulator backlash.

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

'It will be collaborations'

As legalisation begins, sports betting firms are lobbying to fend off high tax rates, along with requests by US sports betting leagues, which wish to gather a percentage of profits as an "integrity fee".
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International business face the included obstacle of a powerful existing video gaming market, with gambling establishment operators, state-run lotteries and Native American tribes that are looking for to safeguard their grass.

Analysts say UK firms will need to strike partnerships, providing their proficiency and technology in order to make inroads.
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They indicate SBTech's recent statement that it is offering innovation for Kentucky Derby operator Churchill Downs as an example of the kind of offers most likely to materialise.

"It will be a win-win for everyone, but 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 actually been purchasing the US market considering that 2011, when it acquired 3 US companies to develop a presence in Nevada.

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

It works as risk manager for the Delaware Lottery and has actually invested millions along with a local 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 intend to have an extremely significant brand existence in New Jersey," he said. "In other states, it will simply depend on regulation and potentially who our 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 happen on day one."

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