commit 0e5939466f65a951c2947c5cc455af9e526a49ef Author: Ila Tunnecliffe Date: Wed Jan 15 17:57:00 2025 +0000 Add UK Betting Firms Gamble on United States After Sports Wager Ruling diff --git a/UK-Betting-Firms-Gamble-on-United-States-After-Sports-Wager-Ruling.md b/UK-Betting-Firms-Gamble-on-United-States-After-Sports-Wager-Ruling.md new file mode 100644 index 0000000..d30001f --- /dev/null +++ b/UK-Betting-Firms-Gamble-on-United-States-After-Sports-Wager-Ruling.md @@ -0,0 +1,45 @@ +
UK [sports betting](https://wooshbit.com/read-blog/18717_missouri-sports-betting-ballot-measure-approved-by-voters.html) companies bet on US after [sports betting](https://oeclub.org/index.php/User:GingerU959) wager ruling
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5 June 2018
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It's high stakes for UK companies as [sports betting](https://2flab.com/read-blog/848_things-you-need-to-know-about-rafting-adventures.html) starts to spread out in America.
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From Tuesday, new rules on wagering entered effect in Delaware, a small east coast state about two hours from Washington.
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Neighbouring New Jersey might begin bets as early as Friday.
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The modifications are the very first in what could end up being a wave of legalisation after the Supreme Court last month cleared the method for states to allow [sports betting](https://jimsusefultools.com/index.php/User:MarcelConsidine) wagering.
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The market sees a "once in a generation" opportunity to develop a new market in [sports betting](https://flowsocial.xyz/read-blog/560_things-you-need-to-know-about-rafting-adventures.html)-mad America, stated Dublin-based financial expert David Jennings, who heads leisure research at Davy.
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For UK companies, which are facing combination, increased online competition and harder rules from UK regulators, the timing is especially appropriate.
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Why the gambling industry deals with an unsure future
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How does prohibited [sports betting](https://kenyansocial.com/read-blog/1360_things-you-need-to-understand-about-rafting-adventures.html) wagering work and what are the worries?
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But the industry states depending on the US remains a risky bet, as UK companies face complicated state-by-state guideline and competition from established local interests.
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"It's something that we're truly focusing on, but similarly we don't wish to overhype it," said James Midmer, representative at Paddy Power Betfair, which just recently bought the US dream [sports betting](https://social.updum.com/read-blog/271_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) site FanDuel.
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'Take time'
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The US represented about 23% of the world's $244bn (₤ 182bn) in video gaming earnings last year, according to a report by Technavio, external published in January.
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Firms are intending to take advantage of more of that activity after last month's decision, which struck down a 1992 federal law that barred states beyond Nevada and a couple of others from authorising [sports betting](http://ratel.ng/read-blog/61_how-to-play-bet9ja-online.html).
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The judgment discovered the law was an over-reach of federal power. But the court it did not really legalise [sports betting](http://lifethelife.com/read-blog/4770_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) wagering, [leaving](http://wiki-tb-service.com/index.php?title=Benutzer:EzequielBlackett) that question to local lawmakers.
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That is expected to cause significant variation in how companies get licensed, where [sports betting](https://www.buzzgate.net/read-blog/496_how-to-play-bet9ja-online.html) wagering can occur, and which events are open to speculation - with big implications for the size of the marketplace.
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Potential income varieties from $4.2 bn to almost $20bn each year depending upon [aspects](http://energymarine.net/?option=com_k2&view=itemlist&task=user&id=1189056) like how numerous states transfer to legalise, Oxford Economics estimated in a 2017 study for the American Gaming Association.
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"There was a lot of 'this is going to be substantial'", stated Will Hawkley, London-based head of leisure for consultants KPMG.
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Now, he said: "I believe the majority of people ... are taking a look at this as, 'it's a chance but it's not going to be $20bn and it's going to be state by state and it's going to take time'."
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'Remains to be seen"
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Chris Grove, managing director at Eilers & Krejcik Gaming, forecasts that 32 states will legalise [sports betting](https://bexopro.com/read-blog/2891_how-to-attract-users-to-my-fantasy-sports-platform.html) in some form by 2023, developing a market with about $6bn in annual earnings.
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But bookmakers face a far different landscape in America than they do in the UK, where wagering shops are a regular sight.
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US laws minimal gambling mostly to Native American lands and Nevada's Las Vegas strip until relatively recently.
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In the popular creativity, [sports betting](https://www.social.united-tuesday.org/read-blog/19500_the-ins-and-outs-of-betting-on-the-nfl-draft.html) wagering has actually long been linked to a 1919 baseball World Series match-fixing scandal.
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States have also been sluggish to legalise many kinds of online gambling, regardless of a 2011 Justice Department viewpoint that appeared to eliminate obstacles.
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While [sports betting](http://www.asystechnik.com/index.php/Benutzer:KyleMedworth61) is usually seen in its own category, "it plainly stays to be seen whether it gets the kind of momentum individuals think it will," said Keith Miller, law professor at Drake University and co-author of a book about [sports betting](https://accc.rcec.sinica.edu.tw/mediawiki/index.php?title=User:ErnaSpain488939) regulation.
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David Carruthers is the former president of BetonSports, who was detained in the US in 2006 for running an overseas online sportsbook and served prison time.
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Now a consultant, he says UK companies need to approach the market carefully, picking partners with care and avoiding bad moves that might result in regulator backlash.
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"This is an opportunity for the American [sports betting](https://usvs.ms/read-blog/800_how-to-attract-users-to-my-fantasy-sports-platform.html) wagerer ... I'm unsure whether it is a chance for company," he states. "It really is dependent on the result of [state] legislation and how the service operators pursue the opportunity."
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'It will be partnerships'
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As legalisation starts, [sports betting](https://origintraffic.com/read-blog/1683_the-ins-and-outs-of-betting-on-the-nfl-draft.html) wagering firms are lobbying to ward off high tax rates, as well as requests by US [sports betting](https://chowpatti.com/read-blog/22488_how-much-are-americans-spending-on-sports-betting.html) leagues, which want to gather a percentage of earnings as an "integrity fee".
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International business deal with the added difficulty of an effective existing gaming market, with casino operators, state-run lottos and Native American tribes that are looking for to defend their turf.
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Analysts say UK companies will need to strike collaborations, providing their proficiency and innovation in order to make inroads.
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They point to SBTech's current statement that it is providing innovation for Kentucky Derby operator Churchill Downs as an example of the kind of offers likely to materialise.
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"It will be a win-win for everyone, however it will be collaborations and it will be driven by innovation," Mr Hawkley stated.
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'It will just depend'
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Joe Asher, president at William Hill US, is clear-eyed about the truths.
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The company has been purchasing the US market since 2011, when it bought three US companies to establish a presence in Nevada.
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William Hill now employs about 450 people in the US and has actually revealed collaborations with casinos in Iowa and New Jersey.
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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.
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Mr Asher said William Hill has become a family name in Nevada however that's not necessarily the goal everywhere.
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"We certainly intend to have an extremely substantial brand presence in New Jersey," he stated. "In other states, it will just depend on policy and possibly who our local partner is."
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"The US is going to be the greatest [sports betting](https://projectblueberryserver.com/index.php/User:EzequielH97) wagering market on the planet," he included. "Obviously that's not going to occur on the first day."
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US ruling opens way for [sports betting](https://seenoor.com/read-blog/419_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) wagering
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