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

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

Neighbouring New Jersey might start accepting sports betting bets as early as Friday.

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

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

For UK firms, which are facing combination, increased online competition and tougher rules from UK regulators, the timing is particularly suitable.

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

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

'Take some time'

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

Firms are hoping to use more of that activity after last month's choice, which struck down a 1992 federal law that disallowed states outside of Nevada and a few others from authorising sports betting.

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 regional legislators.

That is anticipated to cause substantial variation in how firms get accredited, where sports betting can occur, and which events are open to speculation - with huge implications for the size of the market.

Potential profits ranges from $4.2 bn to nearly $20bn yearly depending upon aspects like how numerous states move to legalise, Oxford Economics estimated in a 2017 study for the American Gaming Association.

"There was a lot of 'this is going to be huge'", said Will Hawkley, London-based head of leisure for experts KPMG.

Now, he stated: "I believe the majority of people ... are taking a look 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, predicts that 32 states will legalise sports betting wagering in some type by 2023, producing a market with about $6bn in annual revenue.

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

US laws minimal gambling largely to Native American lands and Nevada's Las Vegas strip until fairly just recently.

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

States have also been sluggish to legalise lots of kinds of online gambling, despite a 2011 Justice Department viewpoint that appeared to eliminate barriers.

While sports betting is usually viewed in its own classification, "it plainly stays to be seen whether it gets the kind of momentum people believe it will," said Keith Miller, law professor at Drake University and co-author of a book about sports betting regulation.

David Carruthers is the previous primary executive of BetonSports, who was detained in the US in 2006 for running an offshore online sportsbook and served prison time.

Now a specialist, he says UK companies should approach the marketplace carefully, selecting partners with caution and preventing bad moves that might cause regulator reaction.

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

'It will be collaborations'

As legalisation starts, sports betting companies are lobbying to fend off high tax rates, along with demands by US sports leagues, which wish to collect a portion of revenue as an "stability fee".

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

Analysts say UK companies will need to strike collaborations, providing their proficiency and innovation in order to make inroads.

They point to SBTech's recent announcement that it is supplying innovation 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, but it will be partnerships and it will be driven by technology," Mr Hawkley said.

'It will just depend'

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

The company has been investing in the US market considering that 2011, when it acquired 3 US firms to develop an existence in Nevada.

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

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

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

"We certainly mean to have an extremely considerable brand existence in New Jersey," he stated. "In other states, it will just depend on guideline and possibly who our regional partner is."

"The US is going to be the most significant sports betting wagering market worldwide," he added. "Obviously that's not going to occur on day one."