Betting on sports is not a new thing in American culture. Americans will bet on just about any sport, including the Super Bowl, wrestling matches, and even figure skating. Before now, betting on sports was secluded to American sports. However, with new regulations being set in place, some of the US fantasy sports betting companies are bringing their business to the UK, allowing locals to get in on this profitable action. There are several companies specifically applying for gambling licenses.
Draft Kings is the first company to apply for and receive a license that allows them to take bets in the UK, with their final authorization coming through in mid-August. The company’s owner, Jeffrey Haas, told local news publications that their company will still be abiding by the proper gambling laws, including age verification and “self-exclusion technology,” which is designed to prevent the gambler from making an excessive amount of bets, helping to combat individuals who have an addiction to gambling. Haas has been very bold in his statements about growth and potential in the company, telling reporters that the company goal is to be the biggest and most popular fantasy gaming company in the world, which starts with expanding across the Atlantic.
The owners of FanDuel are presently awaiting approval for their gambling license, which they applied for in November. Their license stipulated that they would be a gambling software company. Both FanDuel and Draft Kings are taking a big risk in expanding their business to the UK, but both companies state that the risk has been thought through thoroughly. Unlike Draft Kings, the CEO of FanDuel is hesistant to expose any of the company’s plans for profit and expansion in the UK, which is most likely an attempt to prevent the opposing company from reaping the benefits of their hard work.
What This Means for UK Fantasy Sports
With the UK breaking into the fantasy sports betting world, both companies are competing for a piece of the profit they could potentially make in this unchartered territory. The companies will need to pay close attention to rules, tax rates, and their growth to make sure this multimillion-dollar industry can survive in the new location. The UK already has betting options available for live sports, but it is up to the gambling companies to stir up new business from the new sources.