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UK sports betting companies gamble on US after sports betting wager judgment
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5 June 2018
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By Natalie Sherman

Business press reporter, New york city

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

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

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

The modifications 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 permit sports betting.

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

For UK companies, which are grappling with combination, increased online competition and tougher guidelines from UK regulators, the timing is especially suitable.

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But the industry says relying on the US remains a risky bet, as UK companies face complicated state-by-state guideline and competition from entrenched regional interests.

"It's something that we're actually concentrating on, however similarly we don't want to overhype it," stated James Midmer, spokesman at Paddy Power Betfair, which just recently bought the US fantasy sports betting site FanDuel.

'Take some time'

The US represented about 23% of the world's $244bn (₤ 182bn) in video gaming revenue in 2015, according to a report by Technavio, external released in January.

Firms are wanting to use more of that activity after last month's choice, which overruled a 1992 federal law that disallowed states outside of Nevada and a few others from authorising sports betting.

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

That is expected to result in significant variation in how companies get accredited, where sports betting wagering can happen, and which occasions are open to speculation - with huge ramifications for the size of the marketplace.

Potential revenue varieties from $4.2 bn to almost $20bn yearly depending on factors like how numerous states move to legalise, Oxford Economics approximated 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 specialists 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 take some 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 profits.

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

US laws limited gaming largely to Native American lands and Nevada's Las Vegas strip until fairly recently.

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

States have likewise been slow to legalise numerous forms of online sports betting, regardless of a 2011 Justice Department viewpoint that appeared to eliminate obstacles.

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

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

Now a consultant, he states UK companies should approach the market carefully, choosing partners with caution and preventing errors that might result in regulator backlash.

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

'It will be partnerships'

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

International business face the included difficulty of an effective existing gaming industry, with casino operators, state-run lottery games and Native American people that are looking for to protect their turf.

Analysts state UK firms will require to strike partnerships, offering their expertise and technology in order to make inroads.

They point to SBTech's recent announcement that it is supplying technology 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 stated.

'It will simply depend'

Joe Asher, president at William Hill US, is clear-eyed about the truths.

The company has actually been buying the US market because 2011, when it acquired three US firms to develop a presence in Nevada.

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

It works as risk supervisor for the Delaware Lottery and has invested millions alongside a local designer in a New Jersey horse racing track.

Mr Asher stated William Hill has actually ended up being a household name in Nevada but that's not necessarily the objective all over.

"We certainly intend to have a very significant in New Jersey," he said. "In other states, it will simply depend on policy and potentially who our local partner is."

"The US is going to be the biggest sports betting wagering market in the world," he added. "Obviously that's not going to happen on the first day."

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