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

By Natalie Sherman

Business press reporter, New york city

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

From Tuesday, new guidelines on wagering entered result in Delaware, a tiny 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 first in what might become a wave of legalisation after the Supreme Court last month cleared the method for states to allow sports betting.

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

For UK companies, which are grappling with debt consolidation, increased online competition and harder rules from UK regulators, the timing is particularly suitable.

Why the gaming market deals with an uncertain future

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

But the market states depending on the US stays a dangerous bet, as UK companies face complex state-by-state regulation and competitors from established regional interests.

"It's something that we're really focusing on, however equally we don't desire to overhype it," said James Midmer, spokesman at Paddy Power Betfair, which recently bought the US dream sports betting website FanDuel.

'Take 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 published in January.

Firms are wanting to use more of that activity after last month's decision, which overruled a 1992 federal law that barred states outside of Nevada and a few others from authorising sports betting wagering.

The judgment found the law was an over-reach of federal power. But the court it did not actually legalise sports betting wagering, leaving that question to local legislators.

That is expected to cause substantial variation in how companies get certified, where sports betting wagering can happen, and which events are open to speculation - with huge ramifications for the size of the marketplace.

Potential earnings from $4.2 bn to nearly $20bn each year depending on elements 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 big'", said Will Hawkley, London-based head of leisure for experts KPMG.

Now, he stated: "I believe the majority of people ... are looking 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 some time'."

'Remains to be seen"

Chris Grove, handling director at Eilers & Krejcik Gaming, predicts that 32 states will legalise sports betting wagering in some type by 2023, developing a market with about $6bn in yearly earnings.

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

US laws restricted gaming largely to Native American lands and Nevada's Las Vegas strip till fairly recently.

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

States have actually also been sluggish to legalise lots of forms of online gaming, despite a 2011 Justice Department viewpoint that appeared to remove barriers.

While sports betting wagering is normally seen in its own category, "it plainly stays to be seen whether it gets the sort of momentum people believe it will," said Keith Miller, law teacher at Drake University and co-author of a book about sports betting wagering policy.

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

Now an expert, he says UK firms must approach the market thoroughly, selecting partners with care and preventing errors that could lead to regulator reaction.

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

'It will be collaborations'

As legalisation starts, sports betting wagering companies are lobbying to fend off high tax rates, in addition to demands by US sports betting leagues, which desire to collect a portion of income as an "stability cost".

International companies deal with the added challenge of an effective existing video gaming market, with gambling establishment operators, state-run lottery games and Native American tribes that are looking for to defend their turf.

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

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

"It will be a win-win for everybody, but it will be collaborations and it will be driven by technology," Mr Hawkley stated.
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'It will simply depend'

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

The company has been purchasing the US market considering that 2011, when it purchased 3 US companies to develop a presence in Nevada.

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

It works as threat supervisor for the Delaware Lottery and has invested millions alongside a regional developer in a New Jersey horse racing track.

Mr Asher stated William Hill has become a household name in Nevada however that's not always the objective everywhere.

"We definitely mean to have a really substantial brand name presence in New Jersey," he said. "In other states, it will simply depend on policy and possibly who our local partner is."

"The US is going to be the greatest sports betting market worldwide," he included. "Obviously that's not going to occur on day one."

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