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UK betting firms bet on US after sports betting wager ruling
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5 June 2018
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By Natalie Sherman

Business press reporter, New York

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

From Tuesday, brand-new guidelines on wagering entered effect in Delaware, a tiny east coast state about 2 hours from Washington.

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

The changes are the first in what might become a wave of legalisation after the Supreme Court last month the way for states to enable sports betting wagering.

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

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

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But the industry states counting on the US remains a risky bet, as UK business deal with complex state-by-state guideline and competitors from entrenched local interests.

"It's something that we're really concentrating on, however similarly we do not want to overhype it," said James Midmer, spokesman at Paddy Power Betfair, which recently acquired the US fantasy sports betting website FanDuel.

'Take time'

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

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

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

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

Potential earnings ranges from $4.2 bn to practically $20bn every year depending on factors like how lots of states move to legalise, Oxford Economics approximated in a 2017 study for the American Gaming Association.
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"There was a lot of 'this is going to be substantial'", stated Will Hawkley, London-based head of leisure for experts KPMG.

Now, he stated: "I believe most people ... are taking a look 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 take some 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 annual income.

But bookies face a far different landscape in America than they perform in the UK, where sports betting stores are a regular sight.

US laws minimal gambling mostly to Native American lands and Nevada's Las Vegas strip up until reasonably just recently.

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

States have actually likewise been sluggish to legalise many kinds of online gaming, despite a 2011 Justice Department viewpoint that appeared to get rid of challenges.

While sports betting is typically seen in its own category, "it plainly stays to be seen whether it gets the kind of momentum people believe it will," stated Keith Miller, law professor at Drake University and co-author of a book about sports betting policy.
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David Carruthers is the previous president of BetonSports, who was arrested in the US in 2006 for running an offshore online sportsbook and served prison time.

Now an expert, he states UK firms ought to approach the market carefully, selecting partners with caution and avoiding errors that could cause regulator backlash.

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

'It will be partnerships'

As legalisation starts, sports betting wagering firms are lobbying to fend off high tax rates, along with demands by US sports betting leagues, which desire to gather a portion of profits as an "stability fee".

International companies face the added challenge of an effective existing gaming market, with casino operators, state-run lotteries and Native American people that are seeking to safeguard their turf.

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

They indicate SBTech's recent announcement that it is supplying technology for Kentucky Derby operator Churchill Downs as an example of the type of deals 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 stated.

'It will just depend'

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

The company has actually been purchasing the US market considering that 2011, when it purchased 3 US companies to develop a presence in Nevada.

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

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

Mr Asher said William Hill has actually ended up being a home name in Nevada but that's not necessarily the goal everywhere.

"We certainly intend to have a really significant brand presence in New Jersey," he said. "In other states, it will just depend upon regulation and possibly who our regional partner is."

"The US is going to be the greatest sports betting market worldwide," he added. "Obviously that's not going to take place on day one."

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