New Jersey Approves Licenses for Large Gaming CompaniesPublished November 11, 2013 by OCR Editor
New Jersey grants online gambling licenses to large international companies seeking to get a piece of the USA's lucrative online gaming market.
On Friday, November 8, 2013, New Jersey granted its first online gambling licenses to a number of large international gaming companies, helping them to gain entry into the profitable USA market.
New Jersey is the third state to have legalized online gambling, following in the footsteps of Nevada and Delaware. Other states that aim to pass legislation are California, Pennsylvania and Massachusetts. Legalizing online gaming means that anyone who is found within state boundaries (which can be verified through IP address) can gamble on certain sites online.
Not all online casinos are approved by each state; New Jersey is a case in point, in which state gaming authorities gave "transactional waivers" to companies including bwin.party, parent company of PartyPoker, 888 Holdings and the online affiliate of Las Vegas' Caesars' Entertainment Corp.
As bwin.party stated after receiving the waiver, "This transactional waiver means that bwin.party is now eligible to participate in the online gaming market in New Jersey."
It wasn't easy for bwin.party to get their transactional waiver; it necessitated a heavy concession by PartyPoker's co-founders Ruth Parasol and Russ DeLeon to sell their shares in accordance with the state's conditions.One online gaming company that didn't pass the test at all is PokerStars, which had continued to offer online gambling after the United States Congress passed a law in 2006 making it illegal. Speculators say that if PokerStars does want to receive approval, it will need to offer a similar concession as bwin.party.