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New Jersey Grants Bwin.Party Gambling Licence
- April 22, 2015 By Oliver Young -
Bwin.Party Digital Entertainment, a well known online gambling group, shared the news that the New Jersey Division of Gaming Enforcement regulator has granted it a gambling licence. According to the group, every fully owned subsidiaries such as Bwin.Party Entertainment (NJ) LLC and Bwin.Party (USA) Inc were awarded a Casino Service Industry Enterprise licence under the New Jersey Control Act.
The group’s CEO commented on the licence saying that the receipt of their full licence in New Jersey “marks an important milestone for our US business.” He also added that the company believed the path to regulation across the United States was inevitable and he expressed expectations that other US states would soon follow New Jersey.
Norbert Teufelberger also added that Bwin.Party is focused on delivering safe and secure real money gaming experience for adults “wishing to play games using mobile, touch and desktop channels.” He ended his statement by announcing some exciting content throughout 2015.
Bwin.Party operates an online gambling platform in New Jersey including Borgata Poker, Borgata Casino and Partypoker brands. Another popular brand owned by Bwin.Party known to online players is Party Casino.
In order to play US customers have to be at least 21 years old and provide ID and geo-location data as a proof that they are located somewhere in the State of New Jersey.
Hard Times for Bwin.Party Digital Entertainment
These are finally some good news when it comes to Bwin.Party Digital Entertainment since the group has found itself in serious problems the past period. Its shares have fallen and it received some reports that state the company underperformed last year.
For example, this month the financial firm Exane decided to revise its estimates and assumptions. One of the companies whose shares slipped was bwin.party. The decrease was of 0.5p and the new stock prize was set at 80.1p. Bwin.Party’s shares were also downgraded by BNP Paribas. The target price on the stock of Bwin.Party was first GBX 110 and then it was lowered to GBX 70.
New Jersey Online Gambling Growing Not Too Fast
Bwin.Party’s licence is a good step for expanding the New Jersey online gambling industry. As it seems, iGaming in New Jersey have been growing not as fast as it was expected, a fact that was highlighted by the State’s one-year online gambling report.
Turns out that in its first year of legalised online gambling, New Jersey has granted internet gaming permits to only four operators. These online gambling sites served more than half a million registered players, a number that is less than it was initially expected.
Therefore, it remains to be seen whether the brand new New Jersey gaming licence will have a positive impact on the overall online gambling industry in the state.
The Bwin.Party sites that now have permission to service New Jersey players offer 105 casino games out of which 21 can be played on a mobile device and 24 are exclusive to the network and cannot be found at any other online casino.