Betfair Estimates New Jersey Launch Cost £5-£10 Million
Earlier this year, Betfair joined the New Jersey online poker foray by partnering with Atlantic City’s Trump Plaza, and together the two companies launched BetfairCasino.com in late November. According to Proactive Investors, Betfair has revealed that it cost the company an estimated £5-£10 million to set up shop in the Garden State.
Headquartered in London, United Kingdom, Betfair is an experienced Internet gaming operator with over four million customers worldwide, and is publicly traded on the London Stock Exchange. The New Jersey estimate is based upon Betfair’s experience establishing online betting in Italy, where regulation has been finalized and Betfair is in the final stages of testing.
BetfairCasino.com currently features poker software provided by Amaya Gaming’s Ongame product, while the GameAccount Network provides the casino content.
Betfair previously had a presence in New Jersey by way of Television Games Network, the largest legal wagering website and horse racing network in the US, having offered online horse race wagering for 20 years. The company recently saw revenues fall 6% to £188 million in the six months to October 31, which is when regulatory changes forced the company to stop serving Greece, Germany and Spain. Betfair is anticipating a sports betting licensing system in Ireland by the end of the 2015.
*Lead photo courtesy of views.betfair.com.