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UK wagering companies bet on US after sports betting wager judgment

5 June 2018

By Natalie Sherman
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reporter, New York
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It's high stakes for UK companies as sports betting starts to spread out in America.

From Tuesday, new rules on sports betting entered into impact in Delaware, a tiny east coast state about 2 hours from Washington.

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

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

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

For UK companies, which are coming to grips with combination, increased online competition and harder rules from UK regulators, the timing is especially suitable.

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But the industry says counting on the US remains a dangerous bet, as UK business face complicated state-by-state guideline and competition from entrenched local interests.

"It's something that we're truly concentrating on, but similarly we do not wish to overhype it," said James Midmer, representative at Paddy Power Betfair, which just recently acquired the US dream sports betting website FanDuel.

'Require time'

The US represented 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 disallowed states outside of Nevada and a few others from authorising sports betting.

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

That is anticipated to cause considerable variation in how firms get accredited, where sports betting can occur, and which occasions are open to speculation - with big ramifications for the size of the marketplace.

Potential profits varieties from $4.2 bn to practically $20bn annually depending upon elements like the number of states move to legalise, Oxford Economics approximated in a 2017 research study for the American Gaming Association.

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

'Remains to be seen"

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

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

US laws restricted sports betting mostly to Native American lands and Nevada's Las Vegas strip up until relatively just recently.

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

States have also been sluggish to legalise lots of types of online sports betting, regardless of a 2011 Justice Department opinion that appeared to eliminate obstacles.

While sports betting is generally viewed in its own category, "it plainly remains to be seen whether it gets the sort of momentum individuals think it will," said Keith Miller, law teacher at Drake University and co-author of a book about sports betting regulation.

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

Now a specialist, he states UK firms must approach the market thoroughly, choosing partners with care and avoiding mistakes that could lead to regulator reaction.

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

'It will be collaborations'

As legalisation starts, sports betting firms are lobbying to fend off high tax rates, as well as requests by US sports betting leagues, which desire to collect a portion of income as an "stability fee".

International companies deal with the added difficulty of a powerful existing gaming market, with gambling establishment operators, state-run lotteries and Native American people that are looking for to protect their turf.

Analysts say UK firms will require to strike collaborations, offering their knowledge and innovation in order to make inroads.

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

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

'It will simply depend'

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

The business has actually been investing in the US market given that 2011, when it purchased 3 US firms to develop a presence in Nevada.

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

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

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

"We certainly plan to have a really significant brand name existence in New Jersey," he said. "In other states, it will simply depend upon policy and potentially who our regional partner is."

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

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