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UK wagering companies gamble on US after sports betting wager ruling
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5 June 2018

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, brand-new rules on sports betting came into impact 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 might become a wave of legalisation after the Supreme Court last month cleared the method for states to permit sports betting wagering.

The market sees a "as soon as in a generation" opportunity to establish a brand-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 consolidation, increased online competition and harder guidelines from UK regulators, the timing is especially appropriate.
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But the market states depending on the US stays a risky bet, as UK business deal with complicated state-by-state guideline and competitors from established regional interests.

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

'Take some time'

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

Firms are wanting to tap into more of that activity after last month's decision, which overruled a 1992 federal law that disallowed states beyond 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, leaving that question to regional lawmakers.

That is anticipated to lead to considerable variation in how companies get certified, where sports betting can happen, and which events are open to speculation - with huge implications for the size of the market.

Potential profits ranges from $4.2 bn to practically $20bn yearly depending upon elements like the number of states move to legalise, Oxford Economics estimated in a 2017 study for the American Gaming .

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

Now, he said: "I believe a lot 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 require time'."

'Remains to be seen"

Chris Grove, handling director at Eilers & Krejcik Gaming, predicts that 32 states will legalise sports betting wagering in some type by 2023, producing a market with about $6bn in annual revenue.

But bookmakers deal with a far various landscape in America than they perform in the UK, where sports betting stores are a frequent sight.

US laws restricted gaming largely to Native American lands and Nevada's Las Vegas strip until relatively just recently.

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

States have also been sluggish to legalise lots of forms of online gaming, regardless of a 2011 Justice Department viewpoint that appeared to eliminate obstacles.

While sports betting is usually 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.

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

Now a consultant, he says UK firms must approach the marketplace thoroughly, selecting partners with caution and avoiding errors that might cause regulator backlash.

"This is an opportunity for the American sports betting bettor ... I'm unsure whether it is an opportunity for company," he states. "It actually is dependent on the result of [state] legislation and how the organization operators pursue the chance."

'It will be partnerships'

As legalisation begins, sports betting wagering companies are lobbying to ward off high tax rates, in addition to demands by US sports betting leagues, which desire to collect a portion of profits as an "stability charge".

International companies face the included obstacle of a powerful existing video gaming market, with casino operators, state-run lotteries and Native American people that are seeking to defend their turf.

Analysts say UK companies will require to strike partnerships, providing their knowledge and technology in order to make inroads.

They point to SBTech's current announcement that it is offering innovation 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, however it will be collaborations and it will be driven by technology," Mr Hawkley said.

'It will just depend'

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

The company has been purchasing the US market given that 2011, when it bought three US firms to develop a presence in Nevada.

William Hill now employs about 450 people in the US and has announced partnerships with gambling establishments in Iowa and New Jersey.
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It works as danger supervisor for the Delaware Lottery and has actually invested millions along with 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 all over.

"We certainly mean to have an extremely considerable brand name presence in New Jersey," he said. "In other states, it will simply depend on guideline and possibly who our regional partner is."

"The US is going to be the most significant sports betting wagering market in the world," he included. "Obviously that's not going to take place on the first day."

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