From 9b7c108f4161c23f78b52e503ae97fdb53a2ebbf Mon Sep 17 00:00:00 2001 From: teodoroi30673 Date: Wed, 18 Dec 2024 14:58:28 +0000 Subject: [PATCH] Add UK Betting Firms Gamble on United States After Sports Wager Ruling --- ...United-States-After-Sports-Wager-Ruling.md | 51 +++++++++++++++++++ 1 file changed, 51 insertions(+) create mode 100644 UK-Betting-Firms-Gamble-on-United-States-After-Sports-Wager-Ruling.md 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..b48a1e1 --- /dev/null +++ b/UK-Betting-Firms-Gamble-on-United-States-After-Sports-Wager-Ruling.md @@ -0,0 +1,51 @@ +
UK wagering firms bet on US after [sports betting](https://trackrecord.id/read-blog/1762_online-betting-firms-gamble-on-soccer-mad-nigeria.html) wager judgment
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5 June 2018
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By Natalie Sherman
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Business press reporter, New york city
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It's high stakes for UK companies as [sports betting](https://www.hb9lc.org/wiki/index.php/User:KayleighKmd) wagering starts to spread out in America.
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From Tuesday, new rules on wagering entered into effect in Delaware, a small east coast state about two hours from Washington.
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Neighbouring New Jersey could start accepting [sports betting](https://gamehiker.com/wiki/index.php/User:AnnCrace30) bets as early as Friday.
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The modifications are the first in what could end up being a wave of legalisation after the Supreme Court last month cleared the way for states to permit [sports betting](https://chateando.net/read-blog/234_things-you-need-to-understand-about-rafting-adventures.html) wagering.
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The industry sees a "when in a generation" opportunity to establish a new market in [sports betting](https://flowsocial.xyz/read-blog/580_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html)-mad America, stated Dublin-based monetary expert David Jennings, who heads leisure research at Davy.
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For UK companies, which are grappling with debt consolidation, increased online competition and harder guidelines from UK regulators, the timing is particularly suitable.
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Why the gambling market deals with an unpredictable future
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How does illegal [sports betting](https://wiki.vst.hs-furtwangen.de/wiki/User:AngusCuevas84) work and what are the worries?
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But the market states relying on the US stays a dangerous bet, as UK companies face complex state-by-state regulation and competition from established regional interests.
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"It's something that we're actually focusing on, but equally we do not want to overhype it," said James Midmer, representative at Paddy Power Betfair, which recently bought the US fantasy [sports betting](https://blkbook.blactive.com/read-blog/2305_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) .
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'Take some time'
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The US accounted for about 23% of the world's $244bn (₤ 182bn) in gaming revenue last year, according to a report by Technavio, external released in January.
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Firms are intending to tap into more of that activity after last month's choice, which overruled a 1992 federal law that disallowed states outside of Nevada and a couple of others from authorising [sports betting](https://social.oneworldonesai.com/read-blog/1659_for-sports-gambling-to-be-legalised.html).
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The ruling found the law was an over-reach of federal power. But the court it did not actually legalise [sports betting](https://wavedream.wiki/index.php/User:EdmundParr5) wagering, leaving that concern to regional lawmakers.
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That is expected to lead to substantial variation in how companies get certified, where [sports betting](https://lifefriendsurance.com/exploring-the-sports-betting-industry-putting-ideas-into-practice/) wagering can happen, and which events are open to speculation - with huge ramifications for the size of the market.
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Potential profits ranges from $4.2 bn to nearly $20bn each year depending upon aspects like how numerous states relocate to legalise, Oxford Economics estimated in a 2017 study for the American Gaming Association.
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"There was a great deal of 'this is going to be substantial'", stated Will Hawkley, London-based head of leisure for specialists KPMG.
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Now, he stated: "I believe many people ... are looking 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, predicts that 32 states will legalise [sports betting](https://sosmed.almarifah.id/read-blog/22_how-to-play-bet9ja-online.html) wagering in some form by 2023, creating a market with about $6bn in yearly earnings.
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But bookmakers face a far various landscape in America than they do in the UK, where [sports betting](https://huconnect.org/read-blog/468_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) stores are a regular sight.
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US laws limited gaming largely to Native American lands and Nevada's Las Vegas strip till fairly recently.
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In the popular imagination, [sports betting](http://woorichat.com/read-blog/10292_missouri-sports-betting-ballot-measure-approved-by-voters.html) wagering has long been connected to a 1919 baseball World Series match-fixing scandal.
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States have actually likewise been slow to legalise numerous forms of online [sports betting](https://wiki.vst.hs-furtwangen.de/wiki/User:LuisaKossak244), despite a 2011 Justice Department opinion that appeared to eliminate challenges.
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While [sports betting](https://unightlifetalk.site/read-blog/2596_how-much-are-americans-spending-on-sports-betting.html) wagering is typically viewed in its own category, "it [plainly](https://forum.webmark.com.tr/index.php?qa=59560&qa_1=how-much-are-americans-spending-on-sports-betting) remains to be seen whether it gets the type of momentum individuals believe it will," stated Keith Miller, law teacher at Drake University and co-author of a book about [sports betting](https://mxlinkin.mimeld.com/read-blog/652_how-to-withdraw-from-bet9ja-8-step-guide-to-cash-in-your-wins.html) policy.
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David Carruthers is the former president of BetonSports, who was arrested in the US in 2006 for running an offshore online sportsbook and served jail time.
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Now a specialist, he says UK companies need to approach the marketplace carefully, selecting partners with care and preventing mistakes that could result in regulator backlash.
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"This is an opportunity for the American [sports betting](https://www.etymologiewebsite.nl/wiki/Gebruiker:EdgardoKopp) gambler ... I'm not sure whether it is an opportunity for service," he says. "It really depends 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 begins, [sports betting](https://social.engagepure.com/read-blog/786_just-how-much-are-americans-spending-on-sports-betting.html) firms are lobbying to ward off high tax rates, along with requests by US [sports betting](https://www.sportpassionhub.com/read-blog/1478_best-u-s-sports-betting-sites-amp-sportsbooks-for-2024.html) 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 video gaming industry, with casino operators, state-run lottery games and Native American tribes that are looking for to defend their turf.
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Analysts state UK companies will require to strike collaborations, offering their competence and innovation in order to make inroads.
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They indicate SBTech's current announcement that it is supplying technology for Kentucky Derby operator Churchill Downs as an example of the kind of deals most 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 innovation," Mr Hawkley said.
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'It will simply depend'
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Joe Asher, chief executive at William Hill US, is clear-eyed about the realities.
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The business has been purchasing the US market given that 2011, when it acquired 3 US companies to develop an existence in Nevada.
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William Hill now uses about 450 individuals in the US and has actually revealed collaborations with gambling establishments in Iowa and New Jersey.
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It works as risk manager for the Delaware Lottery and has actually invested millions along with a regional developer in a New Jersey horse racing track.
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Mr Asher said William Hill has actually ended up being a home name in Nevada however that's not necessarily the objective everywhere.
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"We definitely plan to have an extremely substantial brand presence in New Jersey," he stated. "In other states, it will just depend upon policy and potentially who our regional partner is."
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"The US is going to be the most significant [sports betting](https://www.yourbuyersguide.co.uk/exploring-the-sports-betting-industry-putting-ideas-into-practice/) wagering market in the world," he included. "Obviously that's not going to occur on the first day."
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More on this story
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US ruling opens way for [sports betting](https://followingbook.com/read-blog/20215_exploring-the-sports-betting-industry-putting-ideas-into-practice.html) wagering
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14 May 2018
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Paddy Power buys dream [sports betting](https://bdstarter.com/score-big-wins-how-sports-betting-software-drives-growth-and-engagement/) site
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23 May 2018
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