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UK wagering companies gamble on US after sports betting wager ruling

5 June 2018

By Natalie Sherman

Business reporter, New york city

It's high stakes for UK companies as sports betting starts to spread out in America.
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From Tuesday, brand-new guidelines on wagering entered into impact 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 might become a wave of legalisation after the Supreme Court last month cleared the method for states to enable sports betting wagering.

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

For UK companies, which are coming to grips with debt consolidation, increased online competition and harder rules from UK regulators, the timing is particularly suitable.

Why the sports betting market faces an uncertain future

How does unlawful sports betting work and what are the fears?

But the market says counting on the US stays a dangerous bet, as UK companies face complex state-by-state guideline and competitors from established local interests.
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"It's something that we're truly focusing on, but similarly we don't wish to overhype it," said James Midmer, spokesperson at Paddy Power Betfair, which recently bought the US fantasy sports betting site FanDuel.

'Take some time'

The US represented about 23% of the world's $244bn (₤ 182bn) in gaming revenue in 2015, according to a report by Technavio, external released in January.
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Firms are wishing to take advantage of more of that activity after last month's decision, which overruled a 1992 federal law that disallowed states beyond Nevada and a couple of others from authorising sports betting wagering.

The ruling found the law was an over-reach of . But the court it did not in fact legalise sports betting, leaving that question to local legislators.

That is expected to cause considerable variation in how firms get certified, where sports betting wagering can take place, and which occasions are open to speculation - with big ramifications for the size of the marketplace.

Potential income varieties from $4.2 bn to nearly $20bn every year depending upon aspects like how many states relocate to legalise, Oxford Economics approximated in a 2017 research study for the American Gaming Association.

"There was a great deal of 'this is going to be substantial'", said Will Hawkley, London-based head of leisure for specialists KPMG.

Now, he stated: "I think a lot of individuals ... are taking a look at this as, 'it's a chance but 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, handling director at Eilers & Krejcik Gaming, predicts that 32 states will legalise sports betting wagering in some form by 2023, developing a market with about $6bn in annual profits.

But bookies face a far various landscape in America than they do in the UK, where betting stores are a frequent sight.

US laws restricted gambling mainly to Native American lands and Nevada's Las Vegas strip until relatively recently.

In the popular creativity, sports betting wagering 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, despite a 2011 Justice Department viewpoint that appeared to remove challenges.

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

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

Now an expert, he says UK firms should approach the marketplace thoroughly, selecting partners with caution and avoiding mistakes that might cause regulator backlash.

"This is a chance for the American sports betting wagerer ... I'm unsure whether it is an opportunity for business," he says. "It actually depends on the result of [state] legislation and how business operators pursue the opportunity."

'It will be partnerships'

As legalisation begins, sports betting wagering companies are lobbying to ward off high tax rates, in addition to requests by US sports betting leagues, which want to collect a portion of revenue as an "stability fee".

International companies face the added difficulty of a powerful existing video gaming industry, with gambling establishment operators, state-run lotteries and Native American tribes that are looking for to protect their turf.
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Analysts state UK firms will need to strike partnerships, providing their know-how and innovation in order to make inroads.

They point to SBTech's current statement that it is providing innovation for Kentucky Derby operator Churchill Downs as an example of the sort of offers likely to materialise.

"It will be a win-win for everybody, however 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 truths.

The company has actually been buying the US market considering that 2011, when it acquired 3 US companies to establish a presence in Nevada.

William Hill now utilizes about 450 people in the US and has revealed partnerships with gambling establishments in Iowa and New Jersey.
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It works as threat manager for the Delaware Lottery and has actually invested millions along with a regional designer in a New Jersey horse racing track.

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

"We definitely mean to have a really substantial brand presence in New Jersey," he stated. "In other states, it will simply depend upon regulation and potentially who our regional partner is."
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"The US is going to be the most significant sports betting market on the planet," he included. "Obviously that's not going to occur on the first day."

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