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UK wagering firms gamble on US after sports betting wager judgment

5 June 2018

By Natalie Sherman

Business press reporter, New York

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 result in Delaware, a small east coast state about 2 hours from Washington.

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

The modifications are the very first in what could become a wave of legalisation after the Supreme Court last month cleared the way for states to allow sports betting wagering.
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The industry sees a "once in a generation" opportunity to develop a brand-new market in sports betting-mad America, said Dublin-based financial analyst David Jennings, who heads leisure research at Davy.

For UK firms, which are coming to grips with combination, increased online competitors and harder rules from UK regulators, the timing is particularly suitable.

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But the market states relying on the US stays a dangerous bet, as UK companies deal with complex state-by-state policy and competitors from established local interests.

"It's something that we're actually concentrating on, however similarly we do not desire to overhype it," stated James Midmer, spokesman at Paddy Power Betfair, which recently acquired the US dream sports betting website FanDuel.

'Require time'

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

Firms are hoping to tap into more of that activity after last month's choice, which overruled a 1992 federal law that barred 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 in fact legalise sports betting, leaving that concern to local lawmakers.

That is expected to lead to substantial variation in how companies get certified, where sports betting can take place, and which events are open to speculation - with big ramifications for the size of the marketplace.

Potential earnings ranges from $4.2 bn to nearly $20bn annually depending upon elements like how numerous states transfer 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 big'", said Will Hawkley, London-based head of leisure for experts KPMG.

Now, he said: "I think most people ... 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, managing director at Eilers & Krejcik Gaming, forecasts that 32 states will legalise sports betting wagering in some type by 2023, producing a market with about $6bn in yearly profits.

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

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

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

States have also been slow to legalise many forms of online sports betting, regardless of a 2011 Justice Department opinion that appeared to eliminate obstacles.
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While sports betting is usually viewed in its own classification, "it clearly stays to be seen whether it gets the type of momentum individuals think it will," stated Keith Miller, law professor at Drake University and co-author of a book about sports betting wagering guideline.

David Carruthers is the previous primary executive of BetonSports, who was jailed in the US in 2006 for running an offshore online sportsbook and served jail time.

Now a consultant, he says UK firms need to approach the market carefully, choosing partners with care and avoiding 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 service," he states. "It actually is dependent on the outcome of [state] legislation and how business operators pursue the opportunity."

'It will be partnerships'
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As legalisation begins, sports betting wagering firms are lobbying to fend off high tax rates, as well as demands by US sports betting leagues, which want to gather a percentage of profits as an "integrity cost".

International business deal with the included difficulty of an effective existing video gaming industry, with gambling establishment operators, state-run lottery games and Native American people that are seeking to defend their grass.
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Analysts say UK firms will require to strike collaborations, providing their know-how and technology in order to make inroads.

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

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

'It will simply depend'

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

The business has actually been investing in the US market given that 2011, when it bought 3 US firms to establish an existence in Nevada.

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

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

Mr Asher said William Hill has become a family name in Nevada however that's not necessarily the goal everywhere.

"We certainly intend to have a very considerable brand name presence in New Jersey," he said. "In other states, it will just depend upon policy and possibly who our regional partner is."

"The US is going to be the biggest market worldwide," he added. "Obviously that's not going to occur on the first day."

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