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UK sports betting companies bet on US after sports betting wager ruling

5 June 2018

By Natalie Sherman

Business press reporter, New york city

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

From Tuesday, new guidelines on entered result in Delaware, a tiny east coast state about two hours from Washington.

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

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

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

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

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But the market states depending on the US stays a risky bet, as UK companies deal with complicated state-by-state regulation and competitors from entrenched regional interests.

"It's something that we're truly concentrating on, but equally we don't wish to overhype it," stated James Midmer, spokesman at Paddy Power Betfair, which recently purchased the US dream sports betting website FanDuel.

'Take time'

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

Firms are hoping to tap into more of that activity after last month's choice, which struck down a 1992 federal law that disallowed states beyond Nevada and a few others from authorising sports betting wagering.

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

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

Potential revenue ranges from $4.2 bn to almost $20bn annually depending on factors like the number of states transfer to legalise, Oxford Economics estimated in a 2017 research study for the American Gaming Association.
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"There was a lot of 'this is going to be big'", said Will Hawkley, London-based head of leisure for consultants KPMG.

Now, he stated: "I believe a lot of individuals ... are looking at this as, 'it's an opportunity 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'."

'Remains to be seen"

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

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

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

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

States have actually also been slow to legalise lots of types of online gaming, despite a 2011 Justice Department opinion that appeared to eliminate obstacles.

While sports betting wagering is usually seen in its own classification, "it clearly stays to be seen whether it gets the sort of momentum people believe 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 overseas online sportsbook and served prison time.

Now a specialist, he states UK companies ought to approach the market carefully, choosing partners with care and avoiding missteps that could cause regulator reaction.

"This is an opportunity for the American sports betting wagerer ... I'm not sure whether it is an opportunity for organization," he says. "It really 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 firms 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 cost".

International companies deal with the included challenge of a powerful existing gaming industry, with gambling establishment operators, state-run lottery games and Native American people that are looking for to defend their turf.

Analysts state UK firms will require to strike partnerships, providing their expertise and technology in order to make inroads.

They point to SBTech's current statement 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 everyone, however it will be collaborations and it will be driven by technology," Mr Hawkley said.

'It will just depend'

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

The business has actually been investing in the US market since 2011, when it purchased 3 US companies to develop an existence in Nevada.

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

It works as threat supervisor for the Delaware Lottery and has invested millions alongside a regional designer in a New Jersey horse racing track.

Mr Asher stated William Hill has become a household name in Nevada but that's not always the goal all over.

"We definitely plan to have a very substantial brand name presence in New Jersey," he said. "In other states, it will simply depend upon guideline and possibly who our regional partner is."

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

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