From 2f7f08a1e90cd7e9eb609016eb954ee9ade45cac Mon Sep 17 00:00:00 2001 From: dottyangelo726 Date: Tue, 31 Dec 2024 08:39:59 +0000 Subject: [PATCH] Update 'UK Betting Firms Gamble on United States After Sports Wager Ruling' --- ...United-States-After-Sports-Wager-Ruling.md | 51 +++++++++++++++++++ 1 file changed, 51 insertions(+) create mode 100644 UK-Betting-Firms-Gamble-on-United-States-After-Sports-Wager-Ruling.md diff --git a/UK-Betting-Firms-Gamble-on-United-States-After-Sports-Wager-Ruling.md b/UK-Betting-Firms-Gamble-on-United-States-After-Sports-Wager-Ruling.md new file mode 100644 index 0000000..1e3cefa --- /dev/null +++ b/UK-Betting-Firms-Gamble-on-United-States-After-Sports-Wager-Ruling.md @@ -0,0 +1,51 @@ +
UK wagering companies gamble on US after [sports betting](https://king-wifi.win/wiki/User:CaitlynX72) wager ruling
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5 June 2018
[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) +
By Natalie Sherman
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[Business](https://sportysocialspace.com/read-blog/12002_online-betting-firms-gamble-on-soccer-mad-nigeria.html) reporter, New York
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It's high stakes for UK firms as [sports betting](https://southwales.com/read-blog/304_exploring-the-sports-betting-industry-putting-ideas-into-practice.html) starts to spread out in America.
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From Tuesday, new guidelines on wagering entered into effect in Delaware, a tiny east coast state about 2 hours from Washington.
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Neighbouring New Jersey might start accepting [sports betting](https://nana22.com/read-blog/2754_enhance-your-business-opportunities-with-efficient-sports-apps.html) bets as early as Friday.
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The modifications are the first in what might become a wave of legalisation after the Supreme Court last month [cleared](https://www.tobeop.com/online-betting-firms-gamble-on-soccer-mad-nigeria-2/) the method for states to permit [sports betting](https://higgledy-piggledy.xyz/index.php/User:ChandraYds).
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The market sees a "as soon as in a generation" opportunity to establish a new market in [sports betting](https://demo.wowonderstudio.com/read-blog/2616_the-ins-and-outs-of-betting-on-the-nfl-draft.html)-mad America, stated Dublin-based monetary expert David Jennings, who heads leisure research at Davy.
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For UK firms, which are facing consolidation, increased online competitors and tougher guidelines from UK regulators, the timing is particularly suitable.
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Why the gambling industry deals with an unsure future
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How does unlawful [sports betting](https://nbc.co.uk/read-blog/29_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) work and what are the worries?
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But the market says relying on the US stays a risky bet, as UK business deal with complex state-by-state regulation and competitors from established regional interests.
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"It's something that we're truly focusing on, however equally we don't wish to overhype it," said James Midmer, spokesman at [Paddy Power](https://terra.planetv.wtf/read-blog/729_.html) Betfair, which recently purchased the US fantasy [sports betting](https://iuridictum.pecina.cz/w/U%C5%BEivatel:LizaWhitham107) site FanDuel.
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'Require time'
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The US accounted for about 23% of the world's $244bn (₤ 182bn) in gaming profits in 2015, according to a report by Technavio, external published 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 barred states outside of Nevada and a few others from authorising [sports betting](https://reckoningz.com/sport-betting-industry-looks-to-protect-itself/) wagering.
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The ruling found the law was an over-reach of federal power. But the court it did not in fact legalise [sports betting](https://social.instinxtreme.com/read-blog/13726_online-betting-firms-gamble-on-soccer-mad-nigeria.html) wagering, leaving that concern to regional legislators.
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That is expected to cause substantial variation in how firms get licensed, where [sports betting](https://www.grandtribunal.org/wiki/User:BerryLovejoy82) wagering can take place, and which events are open to speculation - with huge ramifications for the size of the market.
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Potential revenue [varieties](http://www.engel-und-waisen.de/index.php/Benutzer:BartFurr7558266) from $4.2 bn to almost $20bn yearly depending on factors like the number of states to legalise, Oxford Economics estimated in a 2017 study for the American Gaming Association.
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"There was a lot of 'this is going to be big'", said Will Hawkley, London-based head of leisure for consultants KPMG.
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Now, he said: "I think the majority of individuals ... are taking a look at this as, 'it's an opportunity 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'."
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'Remains to be seen"
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Chris Grove, managing director at Eilers & Krejcik Gaming, forecasts that 32 states will legalise [sports betting](http://lifethelife.com/read-blog/4680_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) in some kind by 2023, producing a market with about $6bn in yearly profits.
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But bookies face a far different landscape in America than they perform in the UK, where [sports betting](https://reckoningz.com/warner-bros-discovery-sets-stage-for-potential-cable-deal-by/) shops are a regular sight.
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US laws limited gambling largely to Native American lands and Nevada's Las Vegas strip till reasonably just recently.
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In the popular imagination, [sports betting](http://www.asystechnik.com/index.php/Benutzer:KyleMedworth61) wagering has actually long been connected to a 1919 baseball World Series match-fixing scandal.
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States have also been sluggish to legalise many types of online [sports betting](https://wiki.rrtn.org/wiki/index.php/User:EthanBlackwelder), regardless of a 2011 Justice Department viewpoint that appeared to eliminate barriers.
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While [sports betting](https://learn.ivlc.com/read-blog/44_for-sports-gambling-to-be-legalised.html) is typically seen in its own classification, "it clearly stays to be seen whether it gets the sort of momentum people believe it will," stated Keith Miller, law professor at Drake University and co-author of a book about [sports betting](https://wooshbit.com/read-blog/18772_the-ins-and-outs-of-betting-on-the-nfl-draft.html) policy.
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David Carruthers is the former primary executive of BetonSports, who was detained 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 ought to approach the market thoroughly, selecting partners with care and preventing errors that might lead to regulator backlash.
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"This is a chance for the American [sports betting](https://wiki.whenparked.com/User:MaxieLapham00) gambler ... I'm not sure whether it is a chance for business," he says. "It actually is dependent on the result of [state] legislation and how the organization operators pursue the opportunity."
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'It will be partnerships'
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As legalisation begins, [sports betting](https://gayplatform.de/read-blog/3522_enhance-your-business-opportunities-with-efficient-sports-apps.html) wagering companies are lobbying to ward off high tax rates, as well as demands by US [sports betting](https://social.japrime.id/read-blog/23444_the-history-of-the-nfl-and-how-to-bet-on-it.html) leagues, which wish to collect a portion of earnings as an "stability charge".
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International companies deal with the included difficulty of a powerful existing video gaming market, with gambling establishment operators, state-run lottery games and Native American people that are looking for to protect their grass.
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Analysts say UK companies will require to strike collaborations, offering their know-how and innovation in order to make inroads.
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They indicate SBTech's current announcement that it is supplying innovation for Kentucky Derby operator Churchill Downs as an example of the type of offers likely to materialise.
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"It will be a win-win for everybody, however it will be partnerships and it will be driven by innovation," Mr Hawkley said.
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'It will simply depend'
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Joe Asher, president at William Hill US, is clear-eyed about the realities.
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The company has been buying the US market because 2011, when it acquired 3 US companies to develop an existence in Nevada.
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William Hill now uses about 450 individuals in the US and has revealed collaborations with casinos in Iowa and New Jersey.
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It works as danger supervisor for the Delaware Lottery and has actually invested millions alongside a regional designer in a New Jersey horse racing track.
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Mr Asher stated William Hill has actually become a family name in Nevada however that's not necessarily the goal all over.
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"We certainly intend to have a really substantial brand existence in New Jersey," he said. "In other states, it will just depend on policy and possibly who our local partner is."
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"The US is going to be the most significant [sports betting](https://miderde.de/index.php?title=Benutzer:JacquieHorsley4) wagering market on the planet," he added. "Obviously that's not going to happen on day one."
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More on this story
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US judgment opens way for [sports betting](https://woodsrunners.com/index.php/User:BethKraker1) wagering
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14 May 2018
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Paddy Power purchases fantasy [sports betting](https://mgnm.uk/read-blog/3106_just-how-much-are-americans-investing-in-sports-betting.html) site
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23 May 2018
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