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UK wagering companies bet on US after sports betting wager judgment

5 June 2018
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By Natalie Sherman

Business press reporter, New york city
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It's high stakes for UK firms as sports betting starts to spread out in America.

From Tuesday, new guidelines on wagering came into effect 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 first in what could end up being a wave of legalisation after the Supreme Court last month cleared the way for states to permit sports betting.

The industry sees a "once in a generation" opportunity to develop a brand-new market in sports betting-mad America, stated Dublin-based financial expert David Jennings, who heads leisure research at Davy.

For UK firms, which are grappling with consolidation, increased online competitors and tougher guidelines from UK regulators, the timing is particularly suitable.

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But the industry says counting on the US remains a risky bet, as UK business deal with complicated state-by-state regulation and competition from established regional interests.

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

'Take time'

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

Firms are intending 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.

The judgment 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 lawmakers.

That is expected to result in substantial variation in how companies get certified, where sports betting wagering can happen, and which events are open to speculation - with big ramifications for the size of the marketplace.

Potential profits varieties from $4.2 bn to practically $20bn each year depending on factors like the number of states move to legalise, Oxford Economics in a 2017 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 consultants KPMG.

Now, he said: "I believe many people ... 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 some time'."

'Remains to be seen"

Chris Grove, managing director at Eilers & Krejcik Gaming, predicts that 32 states will legalise sports betting wagering in some type by 2023, producing a market with about $6bn in yearly profits.

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

US laws limited gaming largely to Native American lands and Nevada's Las Vegas strip till relatively just recently.
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In the popular creativity, sports betting has long been connected to a 1919 baseball World Series match-fixing scandal.

States have actually likewise been sluggish to legalise numerous forms of online sports betting, regardless of a 2011 Justice Department opinion that appeared to eliminate barriers.

While sports betting is normally viewed in its own classification, "it clearly stays to be seen whether it gets the kind of momentum people believe it will," stated Keith Miller, law professor at Drake University and co-author of a book about sports betting wagering guideline.
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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 an expert, he states UK companies should approach the marketplace thoroughly, choosing partners with care and avoiding mistakes that might cause regulator backlash.

"This is a chance for the American sports betting wagerer ... I'm not exactly sure whether it is a chance for company," he states. "It actually is reliant on the outcome of [state] legislation and how business operators pursue the chance."

'It will be collaborations'

As legalisation starts, sports betting companies are lobbying to fend off high tax rates, in addition to demands by US sports betting leagues, which wish to gather a percentage of earnings as an "integrity cost".

International companies deal with the included difficulty of a powerful existing video gaming market, with gambling establishment operators, state-run lottery games and Native American people that are looking for to protect their grass.

Analysts state UK companies will require to strike collaborations, using their knowledge and technology in order to make inroads.

They point to SBTech's recent statement that it is supplying innovation 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 collaborations and it will be driven by technology," Mr Hawkley said.

'It will just depend'

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

The company has been purchasing the US market considering that 2011, when it acquired three US companies to develop an existence in Nevada.

William Hill now utilizes about 450 individuals in the US and has announced partnerships with casinos in Iowa and New Jersey.

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

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

"We certainly mean to have an extremely significant brand name 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 biggest sports betting market in the world," he added. "Obviously that's not going to happen on the first day."

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