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UK sports betting firms bet on US after sports betting wager ruling

5 June 2018
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It's high stakes for UK firms as sports betting starts to spread in America.

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

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

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

The market sees a "as soon as in a generation" opportunity 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 firms, which are facing combination, increased online competition and harder guidelines from UK regulators, the timing is especially opportune.

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But the market states counting on the US stays a risky bet, as UK business face complicated state-by-state regulation and competitors from entrenched local interests.

"It's something that we're actually focusing on, however equally we don't desire to overhype it," stated James Midmer, spokesman at Paddy Power Betfair, which recently acquired the US fantasy sports betting site FanDuel.

'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.

Firms are wishing to use more of that activity after last month's decision, which overruled a 1992 federal law that barred states outside of Nevada and a couple of others from authorising sports betting.
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The judgment found the law was an over-reach of federal power. But the court it did not actually legalise sports betting, leaving that concern to local lawmakers.

That is expected to lead to significant variation in how companies get licensed, where sports betting can take place, and which occasions are open to speculation - with huge implications for the size of the market.

Potential profits varieties from $4.2 bn to nearly $20bn annually depending upon elements like how many states move to legalise, Oxford Economics approximated in a 2017 research study for the American Gaming .

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

Now, he stated: "I think the majority of people ... are looking 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 time'."

'Remains to be seen"

Chris Grove, handling director at Eilers & Krejcik Gaming, forecasts that 32 states will legalise sports betting wagering in some kind 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 wagering stores are a regular sight.

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

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

States have also been slow to legalise many kinds of online gaming, regardless of a 2011 Justice Department viewpoint that appeared to remove barriers.

While sports betting wagering is normally viewed in its own classification, "it plainly stays 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 regulation.

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

Now a specialist, he states UK companies should approach the market carefully, picking partners with caution and avoiding mistakes that could cause regulator reaction.

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

'It will be collaborations'

As legalisation begins, sports betting firms are lobbying to fend off high tax rates, as well as demands by US sports betting leagues, which desire to gather a portion of revenue as an "integrity cost".

International business face the added difficulty of a powerful existing video gaming market, with casino operators, state-run lotteries and Native American tribes that are seeking to protect their turf.

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

They indicate SBTech's recent announcement that it is offering 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 everyone, but it will be partnerships and it will be driven by technology," Mr Hawkley stated.

'It will just depend'

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

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

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

It works as threat supervisor for the Delaware Lottery and has actually invested millions alongside a regional developer in a New Jersey horse racing track.

Mr Asher stated William Hill has actually become a home name in Nevada but that's not necessarily the goal all over.

"We certainly plan to have a really significant brand name existence in New Jersey," he said. "In other states, it will simply depend upon regulation and potentially who our local partner is."
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"The US is going to be the greatest sports betting market in the world," he included. "Obviously that's not going to occur on day one."

US ruling opens method for sports betting
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