Poll: Does the US sports betting case represent a major opportunity for European firms?
Companies like William Hill and Paddy Power Betfair have been touted as potential beneficiaries of the Supreme Court’s announcement
Last week it was announced the US Supreme Court would hear a case on the legalisation of sports betting, with a slew of gaming companies hailing the potential opportunities stateside.
William Hill CEO Philip Bowcock was among those optimists, saying the news was a “welcome development” for the company, which is already the largest sports betting operator in Nevada.
“It is time that it was recognised that PASPA has failed as a law,” Bowcock said. “We believe it is right that all parties, including the American sports leagues, now come together and establish a new framework of regulation.
“That will enable sports betting to be enjoyed by millions of Americans. At the same time more than 100,000 jobs could be created and billions of tax raised.
“William Hill is now Nevada’s leading sports betting company and we stand ready to take advantage of an opening up of the sports betting market in other states.”
Several other European firms also stand poised to take advantage of a market the AGA estimates to be worth $150bn annually, with Paddy Power Betfair at the top of the list thanks to its US presence which includes an online casino and horseracing exchange in New Jersey and a nationwide horseracing operation under the TVG brand.
Simon Davies from Canaccord also suggested GVC and 888 were well poisoned to take advantage of the legalisation of sports betting, calling the Supreme Court’s decision to hear the case a “sea change in attitudes”.
That said, there are plenty of hurdles before European firms can start making money from US sports betting. First of all, the result of the Supreme Court’s decision isn’t expected until summer 2018, which, even if positive, would only kick-start a review of the federal law PASPA.
Secondly, the first sports betting would be carried out in land-based casinos and race-tracks rather than online, which would likely favour US incumbents like MGM or Caesars for instance.
With that in mind this week’s poll ask whether the Supreme Court decision really does represent a major opportunity for European firms?
Have your say below