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UK sports betting firms bet on US after sports betting wager judgment

5 June 2018

By Natalie Sherman
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Business reporter, New York

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

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

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

The changes are the very first in what could become a wave of legalisation after the Supreme Court last month cleared the way for states to allow sports betting.
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The industry sees a "as soon as in a generation" chance to establish a new market in sports betting-mad America, said Dublin-based financial expert David Jennings, who heads leisure research study at Davy.

For UK firms, which are facing debt consolidation, increased online competitors and harder guidelines from UK regulators, the timing is particularly suitable.

Why the sports betting market faces an unpredictable future
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But the market states depending on the US remains a dangerous bet, as UK business deal with complicated state-by-state regulation and competition from entrenched regional interests.

"It's something that we're truly focusing on, however similarly we don't want to overhype it," stated James Midmer, spokesman at Paddy Power Betfair, which just recently purchased the US fantasy sports betting site FanDuel.

'Take some time'

The US accounted for about 23% of the world's $244bn (₤ 182bn) in gaming earnings in 2015, according to a report by Technavio, external published in January.
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Firms are wishing 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 actually legalise sports betting wagering, leaving that question to regional legislators.

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

Potential income ranges from $4.2 bn to almost $20bn yearly depending on factors like how many states move to legalise, Oxford Economics approximated in a 2017 research study for the American Gaming Association.

"There was a great deal of 'this is going to be substantial'", said Will Hawkley, London-based head of leisure for experts KPMG.

Now, he stated: "I believe many individuals ... are taking a look 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 time'."

'Remains to be seen"

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

But bookmakers deal with a far different landscape in America than they carry out in the UK, where wagering shops are a regular sight.

US laws minimal gambling mainly to Native American lands and Nevada's Las Vegas strip till reasonably just recently.

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

States have actually also been sluggish to legalise lots of forms of online sports betting, in spite of a 2011 Justice Department opinion that appeared to eliminate barriers.

While sports betting wagering is typically viewed in its own classification, "it plainly stays to be seen whether it gets the type of momentum individuals believe it will," said Keith Miller, law teacher at Drake University and co-author of a book about sports betting policy.

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

Now an expert, he says UK firms ought to approach the market thoroughly, picking partners with caution and preventing bad moves that could cause regulator reaction.
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"This is a chance for the American sports betting bettor ... I'm unsure whether it is an opportunity for company," he says. "It actually depends on the outcome of [state] legislation and how the business operators pursue the chance."

'It will be partnerships'

As legalisation begins, sports betting firms are lobbying to fend off high tax rates, as well as requests by US sports betting leagues, which wish to gather a portion of revenue as an "integrity charge".

International companies deal with the added obstacle of a powerful existing video gaming market, with casino operators, state-run lottos and Native American people that are looking for to protect their turf.

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

They point to SBTech's recent statement that it is providing innovation for Kentucky Derby operator Churchill Downs as an example of the type of deals most likely to materialise.

"It will be a win-win for everyone, however it will be partnerships and it will be driven by technology," Mr Hawkley stated.

'It will simply depend'

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

The business has been purchasing the US market since 2011, when it bought 3 US firms to establish an existence in Nevada.

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

It works as risk supervisor for the Delaware Lottery and has actually invested millions along with a regional designer in a New Jersey horse racing track.

Mr Asher said William Hill has actually ended up being a home name in Nevada but that's not always the objective everywhere.

"We definitely plan to have an extremely significant brand presence in New Jersey," he stated. "In other states, it will simply depend upon policy and potentially who our local partner is."

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

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