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

Business reporter, New york city

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

From Tuesday, brand-new rules on sports betting entered into result in Delaware, a tiny east coast state about 2 hours from Washington.

Neighbouring New Jersey might begin accepting sports betting bets as early as Friday.
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The changes are the very first in what might end up being a wave of legalisation after the Supreme Court last month cleared the way for states to allow sports betting.

The market sees a "when in a generation" opportunity to establish a brand-new market in sports betting-mad America, said Dublin-based monetary expert David Jennings, who heads leisure research study at Davy.

For UK companies, which are facing debt consolidation, increased online competitors and tougher rules from UK regulators, the timing is particularly opportune.

Why the deals with an unsure future

How does prohibited sports betting work and what are the fears?

But the market states relying on the US remains a risky bet, as UK companies deal with complex state-by-state regulation and competitors from established regional interests.

"It's something that we're actually concentrating on, but equally we do not desire to overhype it," said James Midmer, representative at Paddy Power Betfair, which just recently acquired the US fantasy sports betting site FanDuel.

'Require time'

The US accounted for about 23% of the world's $244bn (₤ 182bn) in gaming income 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 beyond 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 in fact legalise sports betting, leaving that question to regional lawmakers.

That is expected to result in substantial variation in how firms get accredited, where sports betting wagering can take place, and which events are open to speculation - with huge implications for the size of the market.

Potential earnings ranges from $4.2 bn to almost $20bn each year depending on aspects like the number of 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'", said Will Hawkley, London-based head of leisure for specialists KPMG.

Now, he stated: "I think many people ... are taking a look at this as, 'it's a chance 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, managing director at Eilers & Krejcik Gaming, forecasts that 32 states will legalise sports betting wagering in some kind by 2023, producing a market with about $6bn in yearly income.

But bookies deal with a far different landscape in America than they do in the UK, where sports betting shops are a frequent sight.

US laws minimal sports betting largely to Native American lands and Nevada's Las Vegas strip until fairly recently.

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

States have also been slow to legalise lots of forms of online sports betting, in spite of a 2011 Justice Department opinion that appeared to get rid of barriers.

While sports betting is usually viewed in its own category, "it clearly remains to be seen whether it gets the sort of momentum individuals believe 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 president of BetonSports, who was detained in the US in 2006 for running an offshore online sportsbook and served jail time.

Now an expert, he says UK firms ought to approach the marketplace thoroughly, choosing partners with caution and avoiding missteps that could result in regulator backlash.

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

'It will be partnerships'

As legalisation begins, sports betting firms are lobbying to fend off high tax rates, as well as demands by US sports betting leagues, which wish to collect a percentage of profits as an "integrity charge".

International business deal with the included obstacle of a powerful existing gaming industry, with casino operators, state-run lottery games and Native American people that are looking for to defend their turf.

Analysts state UK firms will need to strike partnerships, providing their know-how and technology in order to make inroads.

They indicate SBTech's recent announcement that it is providing innovation for Kentucky Derby operator Churchill Downs as an example of the kind of offers most likely to materialise.
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"It will be a win-win for everyone, however it will be collaborations and it will be driven by innovation," Mr Hawkley said.

'It will just depend'

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

The company has actually been buying the US market because 2011, when it acquired 3 US companies to develop an existence in Nevada.

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

It works as risk manager for the Delaware Lottery and has actually invested millions along with a regional developer in a New Jersey horse racing track.

Mr Asher stated William Hill has actually ended up being a family name in Nevada but that's not always the goal everywhere.

"We definitely intend to have a really considerable brand name existence in New Jersey," he said. "In other states, it will simply depend on regulation and possibly who our local 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 the first day."

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