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UK wagering companies gamble on US after sports betting wager judgment

5 June 2018

By Natalie Sherman

Business reporter, New York

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

From Tuesday, new rules on sports betting entered impact in Delaware, a tiny east coast state about two hours from Washington.

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

The modifications are the first in what might end up being a wave of legalisation after the Supreme Court last month cleared the way for states to enable sports betting.

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

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

Why the gambling industry faces an uncertain future

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But the market says depending on the US remains a dangerous bet, as UK business face complex state-by-state policy and competitors from established local interests.
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"It's something that we're really concentrating on, but equally we do not want to overhype it," said James Midmer, spokesman at Paddy Power Betfair, which just recently bought the US dream sports betting site FanDuel.

'Take time'

The US represented about 23% of the $244bn (₤ 182bn) in video gaming income in 2015, according to a report by Technavio, external published in January.

Firms are intending to take advantage of more of that activity after last month's decision, which struck down a 1992 federal law that disallowed states outside of Nevada and a few 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 regional legislators.

That is expected to lead to substantial variation in how firms get licensed, where sports betting wagering can occur, and which occasions are open to speculation - with huge implications for the size of the market.

Potential earnings varieties from $4.2 bn to nearly $20bn yearly depending on aspects like how numerous states relocate to legalise, Oxford Economics estimated in a 2017 research study for the American Gaming Association.

"There was a lot of 'this is going to be big'", stated Will Hawkley, London-based head of leisure for consultants KPMG.

Now, he stated: "I think many people ... are looking at this as, 'it's an opportunity however 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, handling director at Eilers & Krejcik Gaming, forecasts that 32 states will legalise sports betting in some form by 2023, creating a market with about $6bn in annual earnings.

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

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

In the popular creativity, sports betting wagering has long been linked to a 1919 baseball World Series match-fixing scandal.
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States have likewise been sluggish to legalise lots of forms of online gaming, despite a 2011 Justice Department viewpoint that appeared to remove challenges.

While sports betting is normally seen in its own classification, "it plainly remains to be seen whether it gets the type of momentum individuals think it will," said Keith Miller, law professor at Drake University and co-author of a book about sports betting 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 jail time.
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Now a specialist, he states UK firms should approach the market thoroughly, picking partners with caution and preventing mistakes that could result in regulator reaction.

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

'It will be collaborations'

As legalisation starts, sports betting companies are lobbying to ward off high tax rates, as well as demands by US sports betting leagues, which wish to collect a percentage of income as an "integrity fee".

International business face the added obstacle of a powerful existing video gaming industry, with casino operators, state-run lotteries and Native American people that are seeking to defend their grass.

Analysts state UK companies will require to strike partnerships, using their proficiency and innovation in order to make inroads.

They indicate SBTech's recent statement that it is supplying technology for Kentucky Derby operator Churchill Downs as an example of the sort of offers likely to materialise.

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

'It will simply depend'

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

The company has been buying the US market given that 2011, when it bought three US firms to establish a presence in Nevada.
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William Hill now utilizes about 450 people in the US and has revealed partnerships with casinos in Iowa and New Jersey.

It works as threat manager for the Delaware Lottery and has actually invested millions together with a local developer in a New Jersey horse racing track.

Mr Asher stated William Hill has become a home name in Nevada however that's not necessarily the goal all over.
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"We certainly mean to have a very significant brand name existence in New Jersey," he said. "In other states, it will just depend upon guideline and possibly who our regional partner is."

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

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