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UK sports betting firms gamble on US after sports betting wager ruling

5 June 2018

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

From Tuesday, new rules on sports betting entered 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 modifications are the very 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 market sees a "when in a generation" chance to develop a brand-new market in America, said Dublin-based monetary analyst David Jennings, who heads leisure research at Davy.

For UK companies, which are coming to grips with consolidation, increased online competition and harder guidelines from UK regulators, the timing is particularly suitable.

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But the industry says depending on the US stays a risky bet, as UK companies deal with complex state-by-state guideline and competitors from established local interests.

"It's something that we're actually focusing on, however similarly we do not want to overhype it," said James Midmer, spokesman at Paddy Power Betfair, which recently acquired the US fantasy sports betting website FanDuel.

'Take 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 released in January.

Firms are wishing 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.

The ruling found the law was an over-reach of federal power. But the court it did not really legalise sports betting, leaving that concern to local lawmakers.

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

Potential earnings varieties from $4.2 bn to practically $20bn every year depending upon aspects like how lots of states relocate to legalise, Oxford Economics approximated in a 2017 study for the American Gaming Association.
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"There was a lot of 'this is going to be big'", stated Will Hawkley, London-based head of leisure for specialists KPMG.

Now, he said: "I think many 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'."
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'Remains to be seen"

Chris Grove, managing director at Eilers & Krejcik Gaming, predicts that 32 states will legalise sports betting in some type by 2023, creating a market with about $6bn in annual income.
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But bookies face a far different landscape in America than they perform in the UK, where sports betting stores are a frequent sight.

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

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

States have actually also been sluggish to legalise lots of types of online gambling, regardless of a 2011 Justice Department viewpoint that appeared to remove obstacles.

While sports betting is usually seen in its own classification, "it plainly stays 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 wagering regulation.

David Carruthers is the previous president of BetonSports, who was arrested in the US in 2006 for running an offshore online sportsbook and served prison time.

Now a consultant, he says UK firms ought to approach the market carefully, selecting partners with care and avoiding errors that might 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 business," he says. "It really depends on the outcome of [state] legislation and how the organization operators pursue the opportunity."
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'It will be collaborations'

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

International business deal with the included difficulty of an effective existing video gaming market, with gambling establishment operators, state-run lotteries and Native American tribes that are looking for to defend their turf.

Analysts say UK firms will need to strike partnerships, providing their competence and innovation 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 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.

'It will simply depend'

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

The company has been buying the US market because 2011, when it purchased 3 US companies to establish a presence in Nevada.

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

It works as danger supervisor for the Delaware Lottery and has invested millions together with a local designer in a New Jersey horse racing track.

Mr Asher stated William Hill has become a home name in Nevada but that's not necessarily the objective all over.

"We definitely intend to have a very considerable brand name presence in New Jersey," he said. "In other states, it will just depend on regulation and potentially who our local partner is."

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

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