From 9f43633fb90ec3b5299ce1864c0994861b906f51 Mon Sep 17 00:00:00 2001 From: germancromer82 Date: Thu, 2 Jan 2025 07:56:17 +0000 Subject: [PATCH] Add 'UK Betting Firms Gamble on uS After Sports Wager Ruling' --- ...-Gamble-on-uS-After-Sports-Wager-Ruling.md | 45 +++++++++++++++++++ 1 file changed, 45 insertions(+) create mode 100644 UK-Betting-Firms-Gamble-on-uS-After-Sports-Wager-Ruling.md diff --git a/UK-Betting-Firms-Gamble-on-uS-After-Sports-Wager-Ruling.md b/UK-Betting-Firms-Gamble-on-uS-After-Sports-Wager-Ruling.md new file mode 100644 index 0000000..0cdeb1a --- /dev/null +++ b/UK-Betting-Firms-Gamble-on-uS-After-Sports-Wager-Ruling.md @@ -0,0 +1,45 @@ +
UK wagering companies gamble on US after [sports betting](https://customerscomm.com/read-blog/3714_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) wager judgment
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5 June 2018
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It's high stakes for UK companies as [sports betting](https://issosyal.com/read-blog/10042_how-to-attract-users-to-my-fantasy-sports-platform.html) wagering starts to spread out in America.
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From Tuesday, brand-new guidelines on wagering came into effect in Delaware, a tiny east coast state about 2 hours from Washington.
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Neighbouring New Jersey might start accepting [sports betting](https://wavedream.wiki/index.php/User:LeonoraSerna) bets as early as Friday.
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The changes are the very first in what might end up being a wave of legalisation after the Supreme Court last month cleared the way for states to permit [sports betting](https://bdstarter.com/compare-review-oddsjet-de/) wagering.
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The industry sees a "when in a generation" opportunity to develop a new market in [sports betting](https://welcometohaiti.com/read-blog/15860_score-big-wins-how-sports-betting-software-drives-growth-and-engagement.html)-mad America, stated Dublin-based financial analyst David Jennings, who heads leisure research at Davy.
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For UK companies, which are facing combination, increased online competitors and harder guidelines from UK regulators, the timing is particularly opportune.
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Why the gaming market faces an unsure future
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How does unlawful [sports betting](https://issosyal.com/read-blog/10055_the-ins-and-outs-of-betting-on-the-nfl-draft.html) work and what are the worries?
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But the industry states relying on the US stays a dangerous bet, as UK companies face complicated state-by-state regulation and competition from entrenched regional interests.
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"It's something that we're truly concentrating on, however similarly we don't wish to overhype it," stated James Midmer, spokesman at Paddy Power Betfair, which recently acquired the US fantasy [sports betting](https://messengerkivu.com/read-blog/2362_tennessee-sports-betting-top-4-legal-betting-sites-in-2024.html) website FanDuel.
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'Require time'
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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.
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Firms are hoping to take advantage of more of that after last month's choice, which struck down a 1992 federal law that barred states outside of Nevada and a few others from authorising [sports betting](https://finance.azberg.ru/read-blog/2641_score-big-wins-how-sports-betting-software-drives-growth-and-engagement.html) wagering.
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The judgment found the law was an over-reach of federal power. But the court it did not in fact legalise [sports betting](https://ai.holiday/read-blog/12062_the-history-of-the-nfl-and-how-to-bank-on-it.html) wagering, leaving that concern to regional legislators.
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That is expected to cause considerable variation in how companies get licensed, where [sports betting](https://finance.azberg.ru/read-blog/2385_begin-winning-with-pcg-college-football-picks.html) can happen, and which occasions are open to speculation - with big ramifications for the size of the marketplace.
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Potential earnings varieties from $4.2 bn to almost $20bn each year depending upon factors like how lots of states relocate to legalise, Oxford Economics estimated in a 2017 research study for the American Gaming Association.
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"There was a great deal of 'this is going to be big'", stated Will Hawkley, London-based head of leisure for specialists KPMG.
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Now, he said: "I think the majority of people ... 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 require time'."
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'Remains to be seen"
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Chris Grove, handling director at Eilers & Krejcik Gaming, anticipates that 32 states will legalise [sports betting](https://gayplatform.de/read-blog/3303_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) wagering in some form by 2023, producing a market with about $6bn in yearly profits.
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But bookies deal with a far various landscape in America than they do in the UK, where [sports betting](https://wow.t-mobility.co.il/read-blog/50_how-are-betting-odds-calculated.html) stores are a frequent sight.
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US laws restricted [sports betting](https://kiigasofthub.com/read-blog/10136_sport-betting-industry-looks-to-protect-itself.html) mostly to Native American lands and Nevada's Las Vegas strip up until reasonably recently.
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In the popular imagination, [sports betting](https://social.sktorrent.eu/read-blog/8783_things-you-need-to-learn-about-rafting-adventures.html) wagering has long been linked to a 1919 baseball World Series match-fixing scandal.
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States have actually likewise been slow to legalise numerous types of online [sports betting](https://wavedream.wiki/index.php/User:HueyBejah189), in spite of a 2011 Justice Department opinion that appeared to eliminate obstacles.
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While [sports betting](https://tribetok.com/read-blog/90_enhance-your-business-opportunities-with-efficient-sports-apps.html) is typically viewed in its own category, "it clearly stays to be seen whether it gets the kind of momentum individuals think it will," said Keith Miller, law teacher at Drake University and co-author of a book about [sports betting](http://bedfordfalls.live/read-blog/113610_just-how-much-are-americans-investing-in-sports-betting.html) wagering regulation.
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David Carruthers is the former president of BetonSports, who was apprehended in the US in 2006 for running an overseas online sportsbook and served jail time.
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Now a consultant, he says UK firms ought to approach the market thoroughly, selecting partners with caution and preventing missteps that might result in regulator backlash.
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"This is an opportunity for the American [sports betting](https://sportysocialspace.com/read-blog/12018_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) gambler ... I'm unsure whether it is a chance for business," he says. "It really is dependent on the outcome of [state] legislation and how the organization operators pursue the opportunity."
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'It will be collaborations'
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As legalisation starts, [sports betting](https://pipewiki.org/wiki/index.php/User:GarfieldNanney) wagering companies are lobbying to fend off high tax rates, along with requests by US [sports betting](https://wavedream.wiki/index.php/User:LeonoraSerna) leagues, which wish to gather a portion of income as an "integrity fee".
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International business face the added difficulty of a powerful existing gaming industry, with gambling establishment operators, state-run lottery games and Native American tribes that are seeking to defend their grass.
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Analysts say UK companies will need to strike partnerships, using their competence and technology in order to make inroads.
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They indicate SBTech's recent announcement that it is offering innovation for Kentucky Derby operator Churchill Downs as an example of the sort of deals likely to materialise.
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"It will be a win-win for everybody, but it will be partnerships and it will be driven by technology," Mr Hawkley said.
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'It will simply depend'
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Joe Asher, primary executive at William Hill US, is clear-eyed about the truths.
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The company has actually been buying the US market considering that 2011, when it purchased 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 announced collaborations with gambling establishments in Iowa and New Jersey.
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It works as risk manager for the Delaware Lottery and has invested millions alongside a regional developer in a New Jersey horse racing track.
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Mr Asher stated William Hill has become a family name in Nevada but that's not always the objective all over.
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"We certainly mean to have a very significant brand presence in New Jersey," he stated. "In other states, it will just depend on regulation and possibly who our local partner is."
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"The US is going to be the greatest [sports betting](https://www.proathletediscuss.com/read-blog/424_enhance-your-business-opportunities-with-efficient-sports-apps.html) market in the world," he added. "Obviously that's not going to happen on the first day."
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US judgment opens way for [sports betting](https://genzkenya.co.ke/read-blog/80_sport-betting-industry-wants-to-protect-itself.html) wagering
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