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UK wagering companies bet on US after sports betting wager judgment
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5 June 2018
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By Natalie Sherman

Business press reporter, New York

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

From Tuesday, new rules on wagering entered into 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 modifications are the first in what might 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 establish a brand-new market in sports betting-mad America, said Dublin-based monetary analyst David Jennings, who heads leisure research at Davy.

For UK companies, which are grappling with consolidation, increased online competition and harder guidelines from UK regulators, the timing is especially suitable.

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But the market says counting on the US stays a risky bet, as UK business face complex state-by-state regulation and competition from entrenched local interests.

"It's something that we're actually concentrating on, however similarly we don't wish to overhype it," said James Midmer, spokesman at Paddy Power Betfair, which just recently acquired the US dream sports betting website FanDuel.

'Take some time'

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

Firms are hoping to tap into more of that activity after last month's choice, which overruled a 1992 federal law that barred states outside of Nevada and a couple of others from authorising sports betting wagering.

The judgment discovered 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 expected to lead to substantial variation in how firms get accredited, where sports betting can happen, and which occasions are open to speculation - with big ramifications for the size of the market.

Potential income ranges from $4.2 bn to practically $20bn yearly depending on factors like the number of states relocate to legalise, Oxford Economics approximated in a 2017 research study for the American Gaming Association.

"There was a lot of 'this is going to be huge'", said Will Hawkley, of leisure for experts KPMG.

Now, he said: "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 some time'."

'Remains to be seen"

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

But bookmakers face a far different landscape in America than they do in the UK, where wagering shops are a regular sight.

US laws limited gaming mainly to Native American lands and Nevada's Las Vegas strip up until reasonably just recently.

In the popular creativity, sports betting wagering 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 gaming, regardless of a 2011 Justice Department viewpoint that appeared to remove challenges.

While sports betting is generally viewed in its own category, "it plainly stays to be seen whether it gets the type of momentum individuals 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 president of BetonSports, who was jailed in the US in 2006 for running an offshore online sportsbook and served prison time.

Now an expert, he states UK firms need to approach the marketplace carefully, choosing partners with care and avoiding bad moves that could lead to regulator backlash.

"This is a chance for the American sports betting gambler ... I'm not exactly sure whether it is a chance for service," he says. "It actually is reliant on the result of [state] legislation and how the service operators pursue the opportunity."

'It will be partnerships'

As legalisation starts, sports betting wagering companies are lobbying to fend off high tax rates, as well as demands by US sports betting leagues, which wish to gather a percentage of revenue as an "stability fee".

International companies deal with the added challenge of an effective existing video gaming market, with gambling establishment operators, state-run lotteries and Native American tribes that are seeking to protect their turf.

Analysts say UK firms will require to strike collaborations, offering their competence and technology in order to make inroads.

They point to SBTech's current statement that it is providing 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 everybody, but 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 truths.

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

William Hill now uses about 450 people in the US and has actually announced partnerships with gambling establishments in Iowa and New Jersey.

It works as threat manager for the Delaware Lottery and has actually invested millions together with a regional developer in a New Jersey horse racing track.

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

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

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

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