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

Business reporter, New York

It's high stakes for UK firms as sports betting starts to spread out in America.
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From Tuesday, brand-new guidelines on sports betting came into impact in Delaware, a tiny east coast state about two hours from Washington.

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

The changes are the very first in what could end up being a wave of legalisation after the Supreme Court last month cleared the method for states to permit sports betting.

The market sees a "once in a generation" chance to develop a brand-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 coming to grips with consolidation, increased online competitors and harder guidelines from UK regulators, the timing is especially opportune.

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But the industry says depending on the US stays a dangerous bet, as UK business face complex state-by-state regulation and competitors from entrenched local interests.

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

'Take some time'

The US represented about 23% of the world's $244bn (₤ 182bn) in video gaming income last year, according to a report by Technavio, external published in January.
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Firms are wanting to take advantage of more of that activity after last month's choice, which struck down a 1992 federal law that disallowed states outside of Nevada and a few others from authorising sports betting wagering.

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

That is expected to lead to in how companies get certified, where sports betting wagering can occur, and which events are open to speculation - with big implications for the size of the market.

Potential income ranges from $4.2 bn to nearly $20bn annually depending on factors like the number of states relocate to legalise, Oxford Economics estimated in a 2017 study for the American Gaming Association.

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

Now, he said: "I believe 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, handling director at Eilers & Krejcik Gaming, anticipates that 32 states will legalise sports betting wagering in some form by 2023, developing 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 shops are a frequent sight.

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

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

States have actually likewise been sluggish to legalise numerous forms of online gambling, despite 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 people believe it will," stated Keith Miller, law professor at Drake University and co-author of a book about sports betting wagering policy.

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

Now an expert, he states UK firms must approach the marketplace carefully, picking partners with care and preventing bad moves that could cause regulator reaction.

"This is a chance for the American sports betting gambler ... I'm uncertain whether it is a chance for company," he says. "It really depends on the outcome of [state] legislation and how the service operators pursue the opportunity."

'It will be partnerships'

As legalisation starts, sports betting companies are lobbying to fend off high tax rates, as well as requests by US sports betting leagues, which wish to collect a portion of income as an "stability charge".

International companies face the included difficulty of an effective existing gaming market, with gambling establishment operators, state-run lotteries and Native American tribes that are seeking to defend their turf.

Analysts state UK firms will need to strike partnerships, providing their knowledge and innovation in order to make inroads.

They point to SBTech's current announcement that it is supplying technology for Kentucky Derby operator Churchill Downs as an example of the sort of offers most likely to materialise.

"It will be a win-win for everyone, but it will be partnerships and it will be driven by innovation," Mr Hawkley said.

'It will just depend'
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Joe Asher, president at William Hill US, is clear-eyed about the realities.

The company has been purchasing the US market since 2011, when it bought three US companies to establish an existence 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 danger supervisor for the Delaware Lottery and has actually invested millions along with a local developer in a New Jersey horse racing track.

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

"We definitely intend to have an extremely substantial brand name presence in New Jersey," he stated. "In other states, it will simply depend on guideline and potentially who our regional partner is."

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