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UK Betting Firms Gamble on United States After Sports Wager Ruling

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UK wagering companies gamble on US after sports betting wager ruling

5 June 2018

By Natalie Sherman

Business press reporter, New York

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

From Tuesday, brand-new guidelines on wagering came into effect in Delaware, a small east coast state about 2 hours from Washington.

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

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

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

For UK companies, which are facing debt consolidation, increased online competitors and harder rules from UK regulators, the timing is especially appropriate.

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But the industry states counting on the US stays a risky bet, as UK companies deal with complicated state-by-state policy and competition from established regional interests.

"It's something that we're really concentrating on, however similarly we do not wish to overhype it," stated James Midmer, representative at Paddy Power Betfair, which just recently acquired the US dream sports betting site FanDuel.

'Take some 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 tap into more of that activity after last month's choice, which overruled a 1992 federal law that disallowed states outside of Nevada and a few others from authorising sports betting.

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 cause significant 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 marketplace.

Potential revenue varieties from $4.2 bn to practically $20bn every year depending upon aspects like the number of states move 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 consultants KPMG.

Now, he said: "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'."

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, developing a market with about $6bn in yearly revenue.

But bookmakers face a far different landscape in America than they perform in the UK, where sports betting stores are a regular sight.

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

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

States have likewise been slow to legalise numerous kinds of online sports betting, regardless of a 2011 Justice Department viewpoint that appeared to remove barriers.

While sports betting is normally seen in its own classification, "it plainly stays to be seen whether it gets the type of momentum people think it will," stated Keith Miller, law teacher at Drake University and co-author of a book about sports betting wagering regulation.

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

Now a consultant, he says UK firms must approach the market thoroughly, choosing partners with caution and preventing mistakes that might cause regulator backlash.

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

'It will be partnerships'

As legalisation starts, sports betting wagering companies are lobbying to ward off high tax rates, along with requests by US sports betting leagues, which wish to collect a portion of revenue as an "integrity charge".

International business face the included difficulty of an effective existing gaming market, with gambling establishment operators, state-run lotteries and Native American people that are seeking to safeguard their grass.

Analysts say UK firms will need to strike collaborations, offering their know-how and technology in order to make inroads.

They indicate SBTech's recent announcement that it is providing technology 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 partnerships and it will be driven by technology," Mr Hawkley said.

'It will just depend'

Joe Asher, primary executive at William Hill US, is clear-eyed about the truths.

The business has been purchasing the US market because 2011, when it purchased three US companies to develop a presence in Nevada.

William Hill now uses about 450 individuals in the US and has actually announced partnerships with casinos in Iowa and New Jersey.

It works as danger supervisor for the Delaware Lottery and has actually invested millions alongside a local designer in a New Jersey horse racing track.

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

"We certainly intend to have a very substantial brand name presence in New Jersey," he stated. "In other states, it will just depend on regulation and potentially who our local partner is."

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

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