GVC Approved in New Jersey; bwin.party Will Continue To Operate in Garden State
GVC Holdings PLC., the owners of partypoker and bwin, announced on Monday that the New Jersey Division of Gaming Enforcement (NJDGE) is allowing the company to continue to operate under bwin.party digital entertainment plc's current gaming license with no additional approval required.
According to the GVC press release, the NJDGE completed its preliminary investigation which looked into the company's operations and determined that, "GVC and its individual qualifiers possess the requisite good character, honesty, and integrity should it file for a transactional waiver."
DGE determined that the New Jersey licenses held by bwin.party shall remain valid under GVC's ownership and a transactional waiver is not needed in connection with existing New Jersey contracts. Additionally, DGE ordered the termination of the Monitoring Agreement under which bwin.party had been operating since the acquisition by GVC.
The NJDGE's approval eliminated a temporary agreement with GVC which was in place since the company finalized its acquisition with bwin.party on Feb. 1 that prohibited communication with its subsidiary bwin.party in regards to operations in the Garden State.
There were some doubts as to whether approval would take place since shortly after the GVC acquisition, bwin.party reentered 21 international gray-area markets.
Many believed that the doubts led for BorgataPoker, which also operates on the bwin.party online gaming license in New Jersey along with partypoker NJ, was looking into a partnership with another poker software provider, Pala Interactive.
Whether or not BorgataPoker is still considering a new partnership is unknown, especially considering a recent agreement whereby 50 percent of the Borgata Hotel Casino & Spa was sold by Boyd Gaming to MGM Resorts International.
GVC Holdings PLC CEO Kenneth Alexander shared his enthusiasm in the press release along with stating the company's goal of seeking further licenses in other regulated markets as regulation evolves.
"I am delighted the DGE has confirmed that GVC meets its stringent regulatory requirements and that bwin.party can continue to operate in New Jersey under its current licences," Alexander stated. "This is an important development for GVC and one that places the enlarged Group in a strong position should further regulated opportunities in the US arise. GVC has licences in over 14 countries and continues to seek further licences in markets as the regulatory framework evolves."