From 766fde6d0653acb874a747753b45772b026b6a5e Mon Sep 17 00:00:00 2001 From: marcelaqtm1341 Date: Wed, 25 Dec 2024 05:42:38 +0100 Subject: [PATCH] Add 'UK Betting Firms Gamble on uS After Sports Wager Ruling' --- ...-Gamble-on-uS-After-Sports-Wager-Ruling.md | 51 +++++++++++++++++++ 1 file changed, 51 insertions(+) create mode 100644 UK-Betting-Firms-Gamble-on-uS-After-Sports-Wager-Ruling.md diff --git a/UK-Betting-Firms-Gamble-on-uS-After-Sports-Wager-Ruling.md b/UK-Betting-Firms-Gamble-on-uS-After-Sports-Wager-Ruling.md new file mode 100644 index 0000000..2d83daf --- /dev/null +++ b/UK-Betting-Firms-Gamble-on-uS-After-Sports-Wager-Ruling.md @@ -0,0 +1,51 @@ +
UK [sports betting](https://sansaadhan.ipistisdemo.com/read-blog/20654_things-you-need-to-understand-about-rafting-adventures.html) companies gamble on US after [sports betting](https://tartar.app/read-blog/1635_how-to-play-bet9ja-online.html) wager ruling
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5 June 2018
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By Natalie Sherman
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Business press reporter, New York
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It's high stakes for UK firms as [sports betting](https://olps.co.za/wiki/User:LaurenHogg) wagering starts to spread in America.
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From Tuesday, new rules on wagering entered result in Delaware, a tiny east coast state about two hours from Washington.
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Neighbouring New Jersey could begin accepting [sports betting](https://social.midnightdreamsreborns.com/read-blog/13544_exploring-the-sports-betting-industry-putting-ideas-into-practice.html) bets as early as Friday.
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The changes are the first in what might become a wave of legalisation after the Supreme Court last month cleared the method for states to allow [sports betting](https://foke.chat/read-blog/72_for-sports-gambling-to-be-legalised.html) wagering.
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The market sees a "when in a generation" chance to establish a new market in [sports betting](https://catvcommunity.com.tr/read-blog/4470_the-history-of-the-nfl-and-how-to-bet-on-it.html)-mad America, said Dublin-based financial expert David Jennings, who heads leisure research study at Davy.
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For UK firms, which are facing consolidation, competition and harder guidelines from UK regulators, the timing is especially suitable.
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Why the gambling market faces an uncertain future
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How does prohibited [sports betting](https://octomo.co.uk/read-blog/6515_how-fantasy-betting-app-development-companies-and-sports-developers.html) [wagering](https://tartar.app/read-blog/1674_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) work and what are the fears?
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But the market states relying on the US remains a dangerous bet, as UK companies face complex state-by-state regulation and competition from entrenched local interests.
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"It's something that we're truly focusing on, but similarly we do not wish to overhype it," said James Midmer, spokesperson at Paddy Power Betfair, which just recently bought the US dream [sports betting](https://surgiteams.com/index.php/User:FranH3373278267) website FanDuel.
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'Require time'
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The US represented about 23% of the world's $244bn (₤ 182bn) in gaming profits in 2015, according to a report by Technavio, external published in January.
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Firms are [wishing](https://myvip.at/read-blog/38689_how-fantasy-betting-app-development-companies-and-sports-developers.html) to tap into 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](https://online-learning-initiative.org/wiki/index.php/User:ChristoperCharle).
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The judgment found the law was an over-reach of federal power. But the court it did not really legalise [sports betting](https://palkwall.com/read-blog/27740_for-sports-gambling-to-be-legalised.html) wagering, leaving that concern to regional lawmakers.
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That is expected to lead to considerable variation in how firms get certified, where [sports betting](https://www.eruptz.com/read-blog/17793_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) can take place, and which occasions are open to speculation - with big implications for the size of the market.
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Potential income varieties from $4.2 bn to almost $20bn annually depending upon aspects like the number of states transfer 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'", said Will Hawkley, London-based head of leisure for consultants KPMG.
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Now, he stated: "I believe many people ... are looking 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 require time'."
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'Remains to be seen"
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Chris Grove, handling director at Eilers & Krejcik Gaming, forecasts that 32 states will legalise [sports betting](https://namesdev.com/read-blog/15233_just-how-much-are-americans-investing-in-sports-betting.html) in some type by 2023, producing a market with about $6bn in annual profits.
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But bookmakers deal with a far different landscape in America than they do in the UK, where wagering shops are a regular sight.
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US laws restricted gaming largely to Native American lands and Nevada's Las Vegas strip till reasonably just recently.
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In the popular creativity, [sports betting](https://social.myschoolfriend.ng/read-blog/40778_the-ins-and-outs-of-betting-on-the-nfl-draft.html) wagering has long been connected to a 1919 baseball World Series match-fixing scandal.
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States have likewise been slow to legalise numerous forms of online gaming, despite a 2011 Justice Department opinion that appeared to eliminate barriers.
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While [sports betting](https://wow.twinear.com/read-blog/983_for-sports-gambling-to-be-legalised.html) wagering is normally viewed in its own classification, "it plainly stays to be seen whether it gets the sort of [momentum people](https://embargo.energy/index.php/User:ChristianeLacroi) think it will," said Keith Miller, law professor at Drake University and co-author of a book about [sports betting](https://bbarlock.com/index.php/User:SerenaMackinlay) wagering policy.
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David Carruthers is the former chief executive of BetonSports, who was arrested in the US in 2006 for running an offshore online sportsbook and served prison time.
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Now an expert, he states UK companies need to approach the market thoroughly, choosing partners with caution and preventing errors that might cause regulator reaction.
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"This is an opportunity for the American [sports betting](https://philadelphiaflyersclub.com/read-blog/8428_how-much-are-americans-investing-in-sports-betting.html) gambler ... I'm uncertain whether it is an opportunity for organization," he states. "It really is dependent on the outcome of [state] legislation and how the business operators pursue the chance."
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'It will be partnerships'
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As legalisation begins, [sports betting](https://www.grandtribunal.org/wiki/User:SylviaMcKie8204) firms are lobbying to fend off high tax rates, along with demands by US [sports betting](https://rca.co.id/read-blog/318_compare-amp-review-oddsjet-de.html) leagues, which wish to collect a percentage of revenue as an "stability charge".
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International companies face the included challenge of a powerful existing gaming industry, with gambling establishment operators, state-run lottery games and Native American tribes that are seeking to protect their turf.
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Analysts say UK firms will need to strike collaborations, offering their competence and innovation in order to make inroads.
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They point to SBTech's current announcement that it is offering innovation for Kentucky Derby operator Churchill Downs as an example of the kind of deals likely to materialise.
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"It will be a win-win for everyone, however it will be partnerships and it will be driven by technology," Mr Hawkley stated.
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'It will just depend'
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Joe Asher, president at William Hill US, is clear-eyed about the truths.
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The company has actually been buying the US market considering that 2011, when it acquired three US companies to establish a presence in Nevada.
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William Hill now uses about 450 individuals in the US and has actually revealed collaborations with gambling establishments in Iowa and New Jersey.
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It works as threat supervisor for the Delaware Lottery and has invested millions alongside a local designer in a New Jersey horse racing track.
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Mr Asher stated William Hill has actually ended up being a home name in Nevada but that's not always the objective all over.
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"We definitely plan to have an extremely significant brand presence in New Jersey," he said. "In other states, it will simply depend on policy and potentially who our regional partner is."
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"The US is going to be the biggest [sports betting](https://social.myschoolfriend.ng/read-blog/40753_how-fantasy-betting-app-development-companies-and-sports-developers.html) wagering market on the planet," he added. "Obviously that's not going to take place on day one."
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More on this story
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US judgment opens method for [sports betting](https://connectingsparks.com/read-blog/25121_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) wagering
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14 May 2018
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Paddy Power purchases dream [sports betting](https://www.tobeop.com/things-you-need-to-know-about-rafting-adventures/) website
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23 May 2018
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