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UK wagering firms gamble on US after sports betting wager ruling

5 June 2018
bit.ly
By Natalie Sherman

Business press reporter, New York

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

From Tuesday, new rules on sports betting entered impact 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 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 enable sports betting.

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

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

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But the industry states relying on the US stays a dangerous bet, as UK companies deal with complicated state-by-state regulation and competitors from established regional interests.

"It's something that we're really focusing on, but equally we do not wish to overhype it," stated James Midmer, representative at Paddy Power Betfair, which just recently acquired the US dream sports betting site FanDuel.

'Take time'
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The US accounted for 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 wanting to use more of that activity after last month's decision, which overruled a 1992 federal law that disallowed states beyond Nevada and a few others from authorising sports betting.

The judgment discovered the law was an over-reach of federal power. But the court it did not in fact legalise sports betting, leaving that question to regional legislators.

That is expected to lead to substantial variation in how companies get accredited, where sports betting wagering can occur, and which occasions are open to speculation - with huge ramifications for the size of the marketplace.

Potential revenue varieties from $4.2 bn to nearly $20bn yearly depending upon aspects like the number of states transfer 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 huge'", said Will Hawkley, London-based head of leisure for experts KPMG.

Now, he stated: "I think the majority of individuals ... are looking at this as, 'it's a chance however 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, handling director at Eilers & Krejcik Gaming, forecasts that 32 states will legalise sports betting wagering in some form by 2023, creating a market with about $6bn in yearly income.

But bookies face a far various landscape in America than they carry out in the UK, where sports betting shops are a regular sight.

US laws restricted sports betting mostly to Native American lands and Nevada's Las Vegas strip till fairly recently.

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

States have also been slow to legalise lots of kinds of online gambling, in spite of a 2011 Justice Department opinion that appeared to remove challenges.

While sports betting wagering is usually seen in its own category, "it clearly stays to be seen whether it gets the sort of momentum people believe it will," stated Keith Miller, law professor at Drake University and co-author of a book about sports betting wagering policy.

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

Now a consultant, he says UK firms need to approach the market thoroughly, choosing partners with care and preventing bad moves that could cause regulator reaction.

"This is an opportunity for the American sports betting wagerer ... I'm uncertain whether it is a chance for company," he states. "It really depends on the result of [state] legislation and how the pursue the chance."

'It will be partnerships'

As legalisation begins, sports betting firms are lobbying to fend off high tax rates, in addition to demands by US sports betting leagues, which want to gather a portion of income as an "stability cost".

International business deal with the included challenge of a powerful existing gaming industry, with casino operators, state-run lottos and Native American people that are seeking to defend their grass.

Analysts state UK firms will require to strike collaborations, providing their proficiency and innovation in order to make inroads.

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

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

'It will just depend'

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

The company has actually been purchasing the US market because 2011, when it bought three US companies to develop an existence in Nevada.

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

It works as threat 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 become a household name in Nevada however that's not always the objective all over.

"We definitely plan to have a really substantial brand name existence in New Jersey," he stated. "In other states, it will just depend upon policy and possibly who our local partner is."

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

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