GVC Holdings Approved to Operate Online Gambling in New JerseyPublished June 16, 2016 by Elana K
GVC Holdings announces approval from the DGE - the company will be allowed to operate their online gambling site as the new owner of bwin.party, along with partners Borgata and PartyPoker.
Up until this week, GVC Holdings, a British company that acquired online gambling operator bwin.party in February of this year, was unsure whether it would be allowed to offer licensed online gambling in New Jersey. On Monday, the company announced that they received the verdict from the New Jersey Division of Gaming Enforcement (DGE) - and the answer is yes. GVC Holdings will be allowed to operate their online gambling site as the new owner of bwin.party, along with partners Borgata and PartyPoker.
In a press release, GVC quoted the DGE as saying, “GVC and its individual qualifiers possess the requisite good character, honesty and integrity should it file for a transactional waiver” in the state.” (The transactional waiver itself was also deemed unnecessary, which means that GVC Holdings can operate in New Jersey unfettered.)
GVC Sheds Light on New Jersey’s Grey Market Stance
The question of approving GVC Holdings was a not a simple one, and it was exacerbated when GVC announced that its partner, PartyPoker, would re-enter 21 gray markets which it had exited two years ago. The company had originally exited these markets in an effort to secure licensing from New Jersey, but it appears that GVC does not have the same concerns that bwin.party had.
When GVC announced that PartyPoker would be re-entering these markets April, the DGE issued an advisory bulletin clarifying their stance on black and grey markets. If a company operates in a black market, the DGE will not consider it for licensing in New Jersey. If a company operates in a gray market, murkier territory, the DGE will consider it but make rulings based on each individual case.
In the case of GVC Holdings, the DGE decided to allow it.
Shaky and New Relationships
There were reports in the winter that Borgata was considering breaking ties with GVC, as it prepared to enter a relationship with Game Account Network (GAN) to offer real-money gaming in New Jersey. However, it seems that this was only a backup plan in case GVC licensure wasn’t approved. Now there are two things that seem to be cementing the Borgata-GVC relationship: The DGE’s approval, and MGM’s new majority ownership of the Borgata, which will be finalized later this year.
Now there are two things that seem to be cementing the Borgata-GVC relationship: The DGE’s approval, and MGM’s new majority ownership of the Borgata, which will be finalized later this year.
As of now, Borgata has been the leader in online casino revenue for New Jersey, and the hopes are that with GVC and MGM now at the helm, these numbers will only continue to soar.