It's high stakes for UK firms as sports wagering starts to spread out in America.

From Tuesday, new guidelines on wagering came into result in Delaware, a tiny east coast state about 2 hours from Washington.

Neighbouring New Jersey could start accepting sports bets as early as Friday.

The modifications are the very first in what could become a wave of legalisation after the Supreme Court last month cleared the method for states to permit sports betting.

The industry sees a "when in a generation" opportunity to establish a new market in sports-mad America, said Dublin-based monetary expert David Jennings, who heads leisure research at Davy.

For UK companies, which are grappling with debt consolidation, increased online competitors and tougher guidelines from UK regulators, the timing is particularly appropriate.

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But the industry states depending on the US remains a risky bet, as UK companies deal with complex state-by-state regulation and competition from established local interests.

"It's something that we're truly concentrating on, however similarly we do not want to overhype it," said James Midmer, spokesperson at Paddy Power Betfair, which just recently bought the US fantasy sports website FanDuel.

'Take time'

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.

Firms are wishing to tap into more of that activity after last month's choice, which struck down a 1992 federal law that barred states beyond Nevada and a few others from authorising sports wagering.

The ruling discovered the law was an over-reach of federal power. But the court it did not in fact legalise sports betting, leaving that question to regional legislators.

That is anticipated to lead to significant variation in how firms get licensed, where sports wagering can happen, and which events are open to speculation - with big implications for the size of the market.

Potential profits varieties from $4.2 bn to practically $20bn yearly depending on elements like how numerous states transfer to legalise, Oxford Economics approximated in a 2017 research study for the American Gaming Association.

"There was a great deal of 'this is going to be huge'", stated Will Hawkley, London-based head of leisure for specialists KPMG.

Now, he stated: "I think 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'."

'Remains to be seen"

Chris Grove, managing director at Eilers & Krejcik Gaming, forecasts that 32 states will legalise sports wagering in some form by 2023, developing a market with about $6bn in annual revenue.

But bookies face a far various landscape in America than they perform in the UK, where wagering stores are a frequent sight.

US laws limited betting mainly to Native American lands and Nevada's Las Vegas strip until reasonably just recently.

In the popular imagination, sports betting has actually long been connected to a 1919 baseball World Series match-fixing scandal.

States have likewise been sluggish to legalise numerous forms of online betting, in spite of a 2011 Justice Department viewpoint that appeared to eliminate barriers.

While sports wagering is generally viewed in its own classification, "it clearly remains 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 guideline.

David Carruthers is the former president of BetonSports, who was apprehended in the US in 2006 for running an offshore online sportsbook and served prison time.

Now a consultant, he states UK companies must approach the marketplace carefully, picking partners with caution and avoiding errors that could lead to regulator reaction.

"This is an opportunity for the American sports bettor ... I'm not exactly sure whether it is a chance for service," he says. "It actually is dependent on the outcome of [state] legislation and how the company operators pursue the chance."

'It will be partnerships'

As legalisation begins, sports wagering firms are lobbying to fend off high tax rates, as well as demands by US sports leagues, which desire to gather a percentage of income as an "stability charge".

International companies face the included obstacle of an effective existing video gaming industry, with gambling establishment operators, state-run lottos and Native American people that are seeking to safeguard their grass.

Analysts state UK firms will need to strike collaborations, offering their know-how and technology in order to make inroads.

They point to SBTech's recent statement that it is providing technology for Kentucky Derby operator Churchill Downs as an example of the sort of deals likely to materialise.

"It will be a win-win for everyone, however it will be collaborations and it will be driven by innovation," Mr Hawkley said.

'It will just depend'

Joe Asher, primary executive at William Hill US, is clear-eyed about the realities.

The business has been investing in the US market considering that 2011, when it bought 3 US firms to establish a presence in Nevada.

William Hill now utilizes about 450 individuals in the US and has actually revealed collaborations with casinos in Iowa and New Jersey.

It works as risk manager for the Delaware Lottery and has actually invested millions together with a local developer in a New Jersey horse racing track.

Mr Asher said William Hill has actually become a home name in Nevada however that's not always the objective everywhere.

"We definitely plan to have a really substantial brand existence in New Jersey," he said. "In other states, it will simply depend on guideline and possibly who our regional partner is."

"The US is going to be the greatest sports betting market in the world," he added. "Obviously that's not going to happen on day one."