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UK sports betting firms gamble on US after sports betting wager judgment
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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 in America.

From Tuesday, new rules on wagering entered into effect in Delaware, a small east coast state about two hours from Washington.

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

The changes are the first in what might become a wave of legalisation after the Supreme Court last month cleared the way for states to enable sports betting wagering.

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

For UK firms, which are grappling with consolidation, increased online competition and tougher rules from UK regulators, the timing is especially suitable.

Why the gambling market deals with an unpredictable future

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

"It's something that we're truly concentrating on, but equally we don't wish to overhype it," said James Midmer, representative at Paddy Power Betfair, which recently acquired the US fantasy sports betting site FanDuel.

'Require time'

The US accounted for about 23% of the world's $244bn (₤ 182bn) in video gaming revenue in 2015, according to a report by Technavio, external published in January.

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

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

That is anticipated to result in substantial variation in how firms get licensed, 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 every year depending upon elements like how many states relocate to legalise, estimated in a 2017 research study for the American Gaming Association.

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

Now, he stated: "I think many individuals ... 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 take time'."

'Remains to be seen"
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Chris Grove, handling director at Eilers & Krejcik Gaming, predicts that 32 states will legalise sports betting wagering in some form by 2023, developing a market with about $6bn in annual profits.

But bookies deal with a far various landscape in America than they carry out in the UK, where wagering stores are a frequent sight.

US laws restricted gambling largely to Native American lands and Nevada's Las Vegas strip till 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 many types of online gambling, despite a 2011 Justice Department opinion that appeared to eliminate barriers.

While sports betting wagering is usually seen in its own category, "it clearly remains to be seen whether it gets the type of momentum people think it will," said 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 detained in the US in 2006 for running an offshore online sportsbook and served jail time.

Now an expert, he states UK firms need to approach the market carefully, choosing partners with care and preventing errors that might result in regulator backlash.

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

'It will be collaborations'

As legalisation begins, sports betting companies are lobbying to fend off high tax rates, along with demands by US sports betting leagues, which wish to gather a portion of income as an "integrity charge".

International companies face the added obstacle of a powerful existing gaming market, with casino operators, state-run lotteries and Native American tribes that are looking for to safeguard their turf.

Analysts say UK companies will need to strike collaborations, offering their proficiency 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 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.

'It will simply depend'

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

The company has actually been purchasing the US market given that 2011, when it bought three US firms to develop an existence in Nevada.

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

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

Mr Asher said William Hill has ended up being a family name in Nevada however that's not always the objective all over.

"We certainly intend to have a really significant brand existence in New Jersey," he stated. "In other states, it will just depend upon guideline and potentially who our local partner is."

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

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