commit d1edcd329ba92ac08ced43a1615e9fcd6d9340ff Author: franciscohitt0 Date: Thu Jan 2 10:03:26 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..510fe0d --- /dev/null +++ b/UK-Betting-Firms-Gamble-on-United-States-After-Sports-Wager-Ruling.md @@ -0,0 +1,45 @@ +
UK [sports betting](https://socialsnug.net/read-blog/8160_for-sports-gambling-to-be-legalised.html) companies gamble on US after [sports betting](https://afrocinema.org/read-blog/42492_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 firms as [sports betting](https://afrocinema.org/read-blog/44847_exploring-the-sports-betting-industry-putting-ideas-into-practice.html) starts to spread out in America.
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From Tuesday, new rules on wagering came into impact in Delaware, a small east coast state about 2 hours from Washington.
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Neighbouring New Jersey could begin accepting [sports betting](https://loveyou.az/read-blog/20116_exploring-the-sports-betting-industry-putting-ideas-into-practice.html) bets as early as Friday.
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The changes are the very first in what could become a wave of legalisation after the Supreme Court last month cleared the method for states to allow [sports betting](https://blablasell.com/read-blog/11952_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) wagering.
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The industry sees a "as soon as in a generation" chance to develop a new market in [sports betting](https://heatwave.app/read-blog/389_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html)-mad America, stated Dublin-based monetary analyst David Jennings, who heads leisure research at Davy.
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For UK companies, which are coming to grips with consolidation, increased online competitors and tougher rules from UK regulators, the timing is particularly opportune.
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Why the gambling market deals with an unsure future
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How does prohibited [sports betting](https://wiki.insidertoday.org/index.php/User:AdolfoFriend981) work and what are the worries?
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But the market says relying on the US stays a risky bet, as UK companies deal with [complicated state-by-state](https://letustalk.co.in/read-blog/11488_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) regulation and competition from entrenched local interests.
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"It's something that we're truly focusing on, but equally we don't wish to overhype it," said James Midmer, spokesman at Paddy Power Betfair, which just recently acquired the US dream [sports betting](https://loveyou.az/read-blog/17015_the-ins-and-outs-of-betting-on-the-nfl-draft.html) .
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'Require time'
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The US represented about 23% of the world's $244bn (₤ 182bn) in [video gaming](https://wiki.vifm.info/index.php/User:MichelineWaterma) income in 2015, according to a report by Technavio, external released in January.
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Firms are hoping to tap into more of that activity after last month's decision, which struck down a 1992 [federal law](https://projectblueberryserver.com/index.php/User:EzequielH97) that barred states beyond Nevada and a couple of others from authorising [sports betting](http://www.engel-und-waisen.de/index.php/Benutzer:JacklynBottrill) wagering.
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The ruling discovered the law was an over-reach of federal power. But the court it did not actually legalise [sports betting](https://youslade.com/read-blog/41505_why-every-cricket-fan-ought-to-try-the-all-cricket-id-gaming-platform.html), leaving that concern to local legislators.
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That is anticipated to cause significant variation in how firms get certified, where [sports betting](https://www.womplaz.com/read-blog/105_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) can occur, and which occasions are open to speculation - with big implications for the size of the market.
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Potential income ranges from $4.2 bn to nearly $20bn each year depending on aspects like the number of states transfer to legalise, Oxford Economics estimated in a 2017 research study for the American Gaming Association.
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"There was a lot of 'this is going to be big'", said Will Hawkley, London-based head of leisure for specialists KPMG.
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Now, he stated: "I believe the majority of people ... are looking 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'."
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'Remains to be seen"
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Chris Grove, handling director at Eilers & Krejcik Gaming, forecasts that 32 states will legalise [sports betting](https://terra.planetv.wtf/read-blog/678_.html) wagering in some form by 2023, developing a market with about $6bn in annual earnings.
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But bookies deal with a far different landscape in America than they do in the UK, where [sports betting](https://www.matesroom.com/read-blog/1221_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) stores are a regular sight.
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US laws restricted gaming largely 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://ask.onekeeitsolutions.com/index.php?qa=100967&qa_1=for-sports-gambling-to-be-legalised) wagering has long been connected to a 1919 baseball World Series match-fixing scandal.
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States have also been sluggish to legalise lots of kinds of online gaming, in spite of a 2011 Justice Department viewpoint that appeared to get rid of obstacles.
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While [sports betting](https://newcastleunitedfansclub.com/read-blog/13533_sports-minister-tracey-crouch-resigns-over-039-delay-039-to-betting-crackdown.html) wagering is typically seen in its own classification, "it plainly stays to be seen whether it gets the type of momentum people think it will," said Keith Miller, law teacher at Drake University and co-author of a book about [sports betting](https://micircle.in/read-blog/707_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) policy.
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David Carruthers is the former chief executive of BetonSports, who was jailed 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 marketplace carefully, picking partners with care and preventing errors that might cause regulator reaction.
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"This is a chance for the American [sports betting](https://aceme.ink/read-blog/1880_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) gambler ... I'm unsure whether it is an opportunity for organization," he says. "It actually depends on the result of [state] legislation and how the company operators pursue the opportunity."
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'It will be collaborations'
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As legalisation starts, [sports betting](https://wiki.fablabbcn.org/User:Skye9268038) wagering firms are lobbying to fend off high tax rates, in addition to requests by US [sports betting](https://www.athleticzoneforum.com/read-blog/738_for-sports-gambling-to-be-legalised.html) leagues, which desire to collect a portion of income as an "integrity cost".
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International companies face the included challenge of a powerful existing gaming industry, with gambling establishment operators, state-run lottos and Native American people that are seeking to safeguard their grass.
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Analysts state UK firms will require to strike collaborations, providing their competence and technology in order to make inroads.
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They point to SBTech's current announcement that it is offering technology 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 everyone, however it will be collaborations and it will be driven by innovation," Mr Hawkley said.
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'It will just depend'
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Joe Asher, chief executive at William Hill US, is clear-eyed about the realities.
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The company has been purchasing the US market considering that 2011, when it bought three US firms to establish an existence in Nevada.
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William Hill now uses about 450 individuals in the US and has actually revealed collaborations with casinos in Iowa and New Jersey.
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It works as risk supervisor for the Delaware Lottery and has invested millions along with a local developer in a New Jersey horse racing track.
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Mr Asher said William Hill has actually ended up being a household name in Nevada but that's not necessarily the goal everywhere.
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"We certainly intend to have a really significant brand existence in New Jersey," he said. "In other states, it will simply depend on policy and potentially who our regional partner is."
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"The US is going to be the greatest [sports betting](https://social.ishare.la/read-blog/1436_exploring-the-sports-betting-industry-putting-ideas-into-practice.html) market in the world," he included. "Obviously that's not going to happen on day one."
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US ruling opens way for [sports betting](https://idaivelai.com/read-blog/62_sport-betting-industry-seeks-to-protect-itself.html)
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