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

From Tuesday, new guidelines on wagering entered into impact in Delaware, a small east coast state about 2 hours from Washington.

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

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

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

For UK firms, which are coming to grips with combination, increased online competitors and tougher guidelines from UK regulators, the timing is especially opportune.

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But the market says counting on the US stays a risky bet, as UK companies deal with complicated state-by-state regulation and competitors from entrenched local interests.

"It's something that we're actually focusing on, however similarly we do not wish to overhype it," said James Midmer, representative at Paddy Power Betfair, which just recently acquired the US dream sports website FanDuel.

'Take time'

The US represented about 23% of the world's $244bn (₤ 182bn) in video gaming income in 2015, according to a report by Technavio, external published in January.

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

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

That is anticipated to cause significant variation in how firms get certified, where sports betting can take place, and which occasions are open to speculation - with big implications for the size of the marketplace.

Potential earnings ranges from $4.2 bn to nearly $20bn yearly depending upon aspects like how lots of states move to legalise, Oxford Economics approximated in a 2017 research study for the American Gaming Association.

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

Now, he said: "I think the majority of people ... are taking a look at this as, 'it's an opportunity but 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 betting in some type by 2023, creating a market with about $6bn in yearly profits.

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

US laws limited gaming mainly to Native American lands and Nevada's Las Vegas strip up until relatively recently.

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

States have likewise been sluggish to legalise lots of kinds of online gaming, in spite of a 2011 Justice Department opinion that appeared to get rid of barriers.

While sports betting is usually seen in its own classification, "it plainly stays to be seen whether it gets the type of momentum individuals believe it will," stated Keith Miller, law professor at Drake University and co-author of a book about sports wagering guideline.

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

Now a specialist, he states UK firms must approach the market thoroughly, choosing partners with care and avoiding bad moves that might cause regulator backlash.

"This is an opportunity for the American sports wagerer ... I'm not sure whether it is an opportunity for company," he states. "It really depends on the result of [state] legislation and how the service operators pursue the opportunity."

'It will be partnerships'

As legalisation starts, sports betting firms are lobbying to fend off high tax rates, in addition to requests by US sports betting leagues, which desire to collect a percentage of profits as an "integrity fee".

International companies deal with the included challenge of a powerful existing video gaming industry, with casino operators, state-run lottos and Native American tribes that are seeking to safeguard their turf.

Analysts say UK firms will require to strike partnerships, providing their competence and technology in order to make inroads.

They indicate SBTech's recent statement that it is supplying 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 everyone, but it will be collaborations and it will be driven by innovation," Mr Hawkley stated.

'It will just depend'

Joe Asher, chief executive at William Hill US, is clear-eyed about the truths.

The company has been purchasing the US market considering that 2011, when it purchased three US firms to develop an existence in Nevada.

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

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

Mr Asher stated William Hill has become a family name in Nevada but that's not necessarily the goal all over.

"We certainly plan to have a very substantial brand presence in New Jersey," he said. "In other states, it will just depend on policy and potentially who our local 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."