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UK wagering firms gamble on US after sports betting wager judgment
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5 June 2018
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It's high stakes for UK companies as sports betting wagering starts to spread in America.

From Tuesday, brand-new guidelines on sports betting entered effect in Delaware, a tiny east coast state about two hours from Washington.

Neighbouring New Jersey could start accepting sports betting bets as early as Friday.

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

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

For UK firms, which are grappling with combination, increased online competitors and harder rules from UK regulators, the timing is especially appropriate.

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But the industry says counting on the US remains a risky bet, as UK business deal with complicated state-by-state regulation and competition from entrenched local interests.

"It's something that we're truly focusing on, however equally we do not wish to overhype it," said James Midmer, spokesperson at Paddy Power Betfair, which recently bought the US fantasy sports betting site FanDuel.
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'Take time'

The US represented about 23% of the world's $244bn (₤ 182bn) in video gaming profits last year, according to a report by Technavio, external released in January.
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Firms are hoping to use more of that activity after last month's choice, which struck down a 1992 federal law that disallowed states outside of Nevada and a couple of others from authorising sports betting wagering.

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

That is anticipated to lead to considerable variation in how firms get certified, where sports betting can happen, and which occasions are open to speculation - with big for the size of the marketplace.

Potential profits ranges from $4.2 bn to almost $20bn yearly depending on factors like how many states relocate to legalise, Oxford Economics estimated in a 2017 study for the American Gaming Association.

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

Now, he said: "I think many people ... 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 require time'."

'Remains to be seen"

Chris Grove, handling director at Eilers & Krejcik Gaming, predicts that 32 states will legalise sports betting in some form by 2023, creating a market with about $6bn in yearly earnings.

But bookmakers face a far different landscape in America than they carry out in the UK, where sports betting shops are a regular sight.

US laws limited gambling mostly to Native American lands and Nevada's Las Vegas strip until relatively just recently.

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

States have actually also been slow to legalise numerous kinds of online gambling, in spite of a 2011 Justice Department viewpoint that appeared to eliminate challenges.

While sports betting is normally viewed in its own category, "it plainly stays to be seen whether it gets the sort of momentum individuals think it will," stated Keith Miller, law teacher at Drake University and co-author of a book about sports betting wagering regulation.

David Carruthers is the previous president of BetonSports, who was arrested in the US in 2006 for running an overseas online sportsbook and served jail time.

Now an expert, he says UK companies should approach the market carefully, selecting partners with care and avoiding bad moves that could cause regulator backlash.

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

'It will be partnerships'

As legalisation starts, sports betting companies are lobbying to ward off high tax rates, along with demands by US sports betting leagues, which want to gather a portion of income as an "integrity fee".

International business deal with the added challenge of a powerful existing video gaming market, with casino operators, state-run lottos and Native American tribes that are seeking to defend their grass.

Analysts state UK companies will require to strike collaborations, offering their know-how and technology in order to make inroads.

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

"It will be a win-win for everybody, but it will be collaborations and it will be driven by technology," Mr Hawkley said.

'It will just depend'

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

The company has been buying the US market given that 2011, when it purchased three US companies to develop a presence in Nevada.

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

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

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

"We certainly plan to have a very significant brand presence in New Jersey," he said. "In other states, it will just depend upon regulation and potentially who our local partner is."
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"The US is going to be the biggest sports betting market worldwide," he added. "Obviously that's not going to take place on the first day."

US ruling opens way for sports betting