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UK sports betting companies bet on US after sports betting wager judgment
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5 June 2018

By Natalie Sherman
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Business press reporter, New york city

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

From Tuesday, new rules on wagering came into effect in Delaware, a tiny east coast state about 2 hours from Washington.

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

The changes are the first in what could end up being a wave of legalisation after the Supreme Court last month cleared the method for states to permit sports betting.

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

For UK companies, which are facing consolidation, increased online competition and tougher guidelines from UK regulators, the timing is particularly suitable.

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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 interests.

"It's something that we're really concentrating on, but equally we do not desire to overhype it," said James Midmer, spokesperson at Paddy Power Betfair, which recently purchased the US fantasy sports betting website FanDuel.

'Take some time'

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

Firms are wishing to take advantage of 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.

The judgment 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 legislators.

That is anticipated to cause significant variation in how firms get accredited, where sports betting can take place, and which occasions are open to speculation - with big implications for the size of the market.

Potential profits varieties from $4.2 bn to nearly $20bn every year depending upon elements like the number of states transfer to legalise, Oxford Economics approximated in a 2017 study for the American Gaming Association.

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

Now, he said: "I think 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 time'."

'Remains to be seen"

Chris Grove, managing director at Eilers & Krejcik Gaming, predicts that 32 states will legalise sports betting in some kind by 2023, developing a market with about $6bn in annual profits.

But bookmakers deal with a far various landscape in America than they do in the UK, where sports betting shops are a frequent sight.

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

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

States have actually also been slow to legalise numerous types of online gaming, in spite of a 2011 Justice Department viewpoint that appeared to get rid of barriers.

While sports betting wagering is typically seen in its own classification, "it plainly stays to be seen whether it gets the kind of momentum individuals think it will," said 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 apprehended in the US in 2006 for running an offshore online sportsbook and served jail time.

Now an expert, he says UK firms need to approach the market thoroughly, selecting partners with caution and preventing bad moves that could result in regulator reaction.

"This is an opportunity for the American sports betting gambler ... I'm not exactly sure whether it is an opportunity for company," he states. "It actually depends on the outcome of [state] legislation and how the service 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 percentage of income as an "integrity charge".

International companies face the included challenge of an effective existing gaming industry, with gambling establishment operators, state-run lottery games and Native American tribes that are seeking to protect their turf.

Analysts state UK companies will need to strike partnerships, offering their expertise and technology in order to make inroads.

They indicate SBTech's recent announcement that it is offering innovation for Kentucky Derby operator Churchill Downs as an example of the type of offers likely to materialise.

"It will be a win-win for everyone, however it will be collaborations and it will be driven by technology," Mr Hawkley said.
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'It will just depend'

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

The business has actually been purchasing the US market given that 2011, when it acquired three US firms to develop a presence in Nevada.

William Hill now uses about 450 people in the US and has actually announced collaborations with gambling establishments 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.
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Mr Asher said William Hill has actually become a family name in Nevada however that's not always the objective everywhere.

"We certainly mean to have a very substantial brand 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 greatest sports betting market on the planet," he added. "Obviously that's not going to take place on day one."

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