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

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

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

Neighbouring New Jersey might begin 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 method for states to enable sports betting.

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

For UK firms, which are coming to grips with combination, increased online competitors and harder guidelines from UK regulators, the timing is particularly appropriate.

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But the industry states depending on the US remains a dangerous bet, as UK business face complex state-by-state regulation and competitors from entrenched local interests.

"It's something that we're really concentrating on, however similarly we do not wish to overhype it," stated James Midmer, representative at Paddy Power Betfair, which just recently purchased the US fantasy sports betting site FanDuel.

'Require time'

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

Firms are wishing to use 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 wagering.

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

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

Potential revenue varieties from $4.2 bn to practically $20bn annually depending on factors like the number of states relocate to legalise, Oxford Economics estimated in a 2017 research 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 the majority of people ... are looking 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, handling director at Eilers & Krejcik Gaming, forecasts that 32 states will legalise sports betting in some form by 2023, developing a market with about $6bn in annual income.

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

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

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

States have likewise been sluggish to legalise numerous forms of online sports betting, despite a 2011 Justice Department opinion that appeared to get rid of challenges.

While sports betting is generally viewed in its own category, "it stays 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 former chief executive of BetonSports, who was arrested in the US in 2006 for running an overseas online sportsbook and served jail time.
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Now an expert, he says UK firms should approach the marketplace carefully, choosing partners with caution and avoiding bad moves that could lead to regulator backlash.

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

'It will be collaborations'

As legalisation starts, sports betting wagering companies are lobbying to fend off high tax rates, in addition to requests by US sports betting leagues, which want to gather a portion of earnings as an "integrity cost".

International business face the included challenge of a powerful existing gaming market, with casino operators, state-run lottos and Native American tribes that are looking for to safeguard their turf.

Analysts say UK companies will require to strike collaborations, offering their proficiency and technology in order to make inroads.

They point to SBTech's current announcement that it is offering technology for Kentucky Derby operator Churchill Downs as an example of the type of offers 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 stated.
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'It will simply depend'

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

The company has actually been purchasing the US market because 2011, when it acquired 3 US firms to develop an existence in Nevada.

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

It works as danger supervisor for the Delaware Lottery and has invested millions together with a local developer in a New Jersey horse racing track.

Mr Asher stated William Hill has become a household name in Nevada but that's not always the objective all over.

"We definitely plan to have a really significant brand name presence in New Jersey," he stated. "In other states, it will simply depend upon guideline and potentially who our regional partner is."
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"The US is going to be the greatest sports betting market worldwide," he included. "Obviously that's not going to take place on the first day."

US judgment opens method for sports betting wagering
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