commit f096f17db4502661a7af4202fecbf2912c33d475 Author: kathiwatling18 Date: Tue Dec 31 21:15:46 2024 -0600 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..c0ca05b --- /dev/null +++ b/UK-Betting-Firms-Gamble-on-United-States-After-Sports-Wager-Ruling.md @@ -0,0 +1,51 @@ +
companies gamble on US after [sports betting](https://www.eruptz.com/read-blog/17600_the-ins-and-outs-of-betting-on-the-nfl-draft.html) wager ruling
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5 June 2018
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By Natalie Sherman
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Business reporter, New York
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It's high stakes for UK firms as [sports betting](https://www.social.united-tuesday.org/read-blog/19472_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) starts to spread out in America.
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From Tuesday, new rules on [sports betting](https://olps.co.za/wiki/User:MickiePridgen) entered into impact in Delaware, a tiny east coast state about 2 hours from Washington.
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Neighbouring New Jersey might begin accepting [sports betting](https://thatswhathappened.wiki/index.php/User:GarnetPalumbo4) bets as early as Friday.
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The modifications are the very first in what might become a wave of legalisation after the Supreme Court last month cleared the way for states to allow [sports betting](https://palkwall.com/read-blog/27736_online-betting-firms-gamble-on-soccer-mad-nigeria.html) wagering.
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The market sees a "when in a generation" opportunity to develop a new market in [sports betting](https://iuridictum.pecina.cz/w/U%C5%BEivatel:MarilouLivingsto)-mad America, stated Dublin-based monetary analyst David Jennings, who heads leisure research study at Davy.
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For UK firms, which are facing combination, increased online competition and tougher 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 illegal [sports betting](https://youtoosocialnetwork.com/read-blog/1259_online-betting-firms-gamble-on-soccer-mad-nigeria.html) work and what are the worries?
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But the market says counting on the US stays a risky bet, as UK companies face complicated state-by-state regulation and competition from established regional interests.
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"It's something that we're really concentrating on, however similarly we don't wish to overhype it," said James Midmer, spokesperson at Paddy Power Betfair, which recently acquired the US fantasy [sports betting](https://lets.chchat.me/read-blog/1839_how-much-are-americans-investing-in-sports-betting.html) website FanDuel.
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'Require time'
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The US represented about 23% of the world's $244bn (₤ 182bn) in video gaming revenue last year, according to a report by Technavio, external published in January.
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Firms are wishing to use more of that activity after last month's decision, which overruled a 1992 federal law that barred states beyond Nevada and a couple of others from authorising [sports betting](http://www.mizmiz.de/read-blog/77284_how-to-play-bet9ja-online.html).
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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://si-sudagro.net/cdc-hiruak/index.php?qa=153577&qa_1=fantasy-betting-development-companies-sports-developers), leaving that question to regional lawmakers.
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That is expected to cause substantial variation in how companies get licensed, where [sports betting](http://touringtreffen.nl/read-blog/2370_compare-amp-review-oddsjet-de.html) can take place, and which events are open to speculation - with huge implications for the size of the marketplace.
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Potential revenue ranges from $4.2 bn to practically $20bn yearly depending on elements like how many states transfer 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 stated: "I think many 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 take some 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](http://famedoot.in/read-blog/93_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) in some kind by 2023, creating a market with about $6bn in annual earnings.
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But bookmakers deal with a far various landscape in America than they carry out in the UK, where betting stores are a regular sight.
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US laws restricted betting mostly to Native American lands and Nevada's Las Vegas strip up until fairly recently.
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In the popular creativity, [sports betting](https://social.stssconstruction.com/read-blog/21043_the-ins-and-outs-of-betting-on-the-nfl-draft.html) has long been linked to a 1919 baseball World Series match-fixing scandal.
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States have actually also been slow to legalise many forms of online betting, regardless of a 2011 Justice Department opinion that appeared to remove challenges.
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While [sports betting](https://gigen.net/read-blog/18_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) is generally viewed in its own category, "it plainly remains to be seen whether it gets the type of momentum individuals think it will," said Keith Miller, law teacher at Drake University and co-author of a book about [sports betting](https://pipewiki.org/wiki/index.php/User:MarissaC36) guideline.
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David Carruthers is the former chief executive of BetonSports, who was arrested in the US in 2006 for running an offshore online sportsbook and served prison time.
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Now a specialist, he says UK companies need to approach the marketplace thoroughly, picking partners with care and avoiding mistakes that could cause regulator backlash.
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"This is an opportunity for the American [sports betting](https://drapia.org/11-WIKI/index.php/User:ErinMacfarlane7) wagerer ... I'm uncertain whether it is an opportunity for organization," he states. "It actually is dependent on the result of [state] legislation and how business operators pursue the chance."
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'It will be partnerships'
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As legalisation starts, [sports betting](https://fishtanklive.wiki/User:EstelaUrl6553664) wagering firms are lobbying to ward off high tax rates, along with demands by US [sports betting](https://encone.com/read-blog/46280_tennessee-sports-betting-top-4-legal-betting-sites-in-2024.html) leagues, which desire to gather a portion of earnings as an "integrity cost".
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International business deal with the added challenge of a powerful existing gaming industry, with gambling establishment operators, state-run lottery games and Native American people that are seeking to safeguard their turf.
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Analysts state UK firms will need to strike collaborations, providing their know-how and technology in order to make inroads.
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They indicate SBTech's current announcement that it is offering technology for Kentucky Derby operator Churchill Downs as an example of the sort of offers most likely to materialise.
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"It will be a win-win for everybody, 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 realities.
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The business has actually been investing in the US market since 2011, when it purchased 3 US firms to develop an existence in Nevada.
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William Hill now utilizes about 450 individuals in the US and has announced 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 local developer in a New Jersey horse racing track.
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Mr Asher stated William Hill has actually ended up being a household name in Nevada however that's not always the objective all over.
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"We certainly intend to have an extremely considerable brand presence in New Jersey," he said. "In other states, it will just depend on regulation and potentially who our local partner is."
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"The US is going to be the biggest [sports betting](https://usvs.ms/read-blog/796_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) market in the world," he added. "Obviously that's not going to take place on the first day."
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More on this story
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US ruling opens way for [sports betting](https://woodsrunners.com/index.php/User:Vivian16Z7265) wagering
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14 May 2018
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Paddy Power purchases dream [sports betting](https://www.athleticzoneforum.com/read-blog/752_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) site
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23 May 2018
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