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

From Tuesday, new rules on betting entered into impact in Delaware, a small east coast state about two hours from Washington.

Neighbouring New Jersey could begin accepting sports betting bets as early as Friday.

The modifications are the very first in what might end up being a wave of legalisation after the Supreme Court last month cleared the method for states to enable sports betting wagering.

The industry sees a "as soon as in a generation" chance to develop a new market in sports betting-mad America, stated Dublin-based monetary expert David Jennings, who heads leisure research at Davy.

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

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But the market says counting on the US stays a risky bet, as UK business face complex state-by-state regulation and competition from entrenched regional interests.

"It's something that we're truly concentrating on, however similarly we don't desire to overhype it," stated James Midmer, spokesman at Paddy Power Betfair, which just recently bought the US dream sports betting website FanDuel.

'Require time'

The US represented about 23% of the world's $244bn (₤ 182bn) in gaming income last year, according to a report by Technavio, external released in January.

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

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

That is anticipated to lead to considerable variation in how companies get licensed, where sports betting can happen, and which occasions are open to speculation - with big implications for the size of the market.

Potential revenue ranges from $4.2 bn to practically $20bn each year depending on aspects like how many states transfer to legalise, Oxford Economics estimated in a 2017 research study for the American Gaming Association.

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

Now, he stated: "I think many people ... are taking a look at this as, 'it's an opportunity however it's not going to be $20bn and it's going to be state by state and it's going to require time'."

'Remains to be seen"

Chris Grove, handling director at Eilers & Krejcik Gaming, forecasts that 32 states will legalise sports wagering in some kind by 2023, producing a market with about $6bn in yearly income.

But bookmakers face a far different landscape in America than they do in the UK, where betting shops are a frequent sight.

US laws minimal gaming mostly to Native American lands and Nevada's Las Vegas strip till reasonably just recently.

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

States have also been sluggish to legalise lots of types of online gaming, in spite of a 2011 Justice Department viewpoint that appeared to eliminate barriers.

While sports betting is typically seen in its own classification, "it clearly stays to be seen whether it gets the kind of momentum people believe it will," stated Keith Miller, law teacher at Drake University and co-author of a book about sports wagering guideline.

David Carruthers is the previous president of BetonSports, who was apprehended in the US in 2006 for running an overseas online sportsbook and served jail time.

Now a specialist, he states UK companies must approach the market thoroughly, picking partners with caution and avoiding mistakes that could lead to regulator reaction.

"This is an opportunity for the American sports gambler ... I'm unsure whether it is a chance for service," he states. "It actually is dependent on the result of [state] legislation and how the service operators pursue the opportunity."

'It will be partnerships'

As legalisation starts, sports betting companies are lobbying to ward off high tax rates, as well as demands by US sports betting leagues, which desire to collect a portion of revenue as an "integrity fee".

International companies face the added obstacle of a powerful existing gaming market, with casino operators, state-run lottery games and Native American tribes that are looking for to protect their turf.

Analysts say UK companies will require to strike collaborations, using their competence and innovation in order to make inroads.

They point to SBTech's current statement that it is offering technology for Kentucky Derby operator Churchill Downs as an example of the type of offers most likely to materialise.

"It will be a win-win for everybody, however it will be partnerships and it will be driven by technology," Mr Hawkley said.

'It will simply depend'

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

The business has been buying the US market given that 2011, when it bought 3 US companies to establish an existence in Nevada.

William Hill now employs about 450 people in the US and has announced collaborations with gambling establishments in Iowa and New Jersey.

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

Mr Asher said William Hill has actually become a household name in Nevada but that's not necessarily the goal everywhere.

"We definitely mean to have a very considerable brand existence in New Jersey," he said. "In other states, it will simply depend upon regulation and possibly who our local partner is."

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