New Jersey: 37 Apply for Online Gaming
30 July 2013
Having completed a preliminary review of operator applications for online gambling in the state, regulators noted that 37 have already applied.
Included in the 37 applications for online gaming licenses in the state of New Jersey are three companies that previously held licenses before the law was changed prohibiting all Internet based gambling across the United States. Those applicants are defined as providers of software, telecoms, marketing or related services.
The names of the applicants are being withheld until they can all be published on an active vendors list on the official website of the Division of Gaming Enforcement. All twelve casinos in the state have already notified regulators of intended partnerships with Internet gaming providers.
Legal Online Betting
New Jersey, along with Nevada and Delaware make up the three stats that have to date legalised Internet gambling within their state borders, although live online betting may not begin until up to 9 months following the successful passage of the state's legislation. This time frame could be extended depending on a number of external factors.
It is already known that the four N.J. casinos owned by Caesars Entertainment Corp. have partnered with 888 Holdings PLC. Their CEO Gary Lovemen has said that he expects to be providing the online service by the end of the year.
This hope is also held by Boyd Gaming Corp. CEO Keith Smith, co-owner of the Borgata Casino which has partnered with Bwin.Party Digital Entertainment PLC.
High Stakes
With an industry estimated to be worth around $275 million annually just in the state of New Jersey, it is clear that online gaming will be hugely profitable for the top operators who get in first and provide the best service. It's no wonder that some of the world's biggest names in the industry are already jostling for prime position in a market that is set to explode once the brakes are released by state's legislators.
The stakes are certainly high enough to attract big names who are keen to get a piece of this action when it breaks. But what does it mean for the players?
Well, for one, the choice of top brand online casinos will certainly be a good thing for those who like to pick and choose who they prefer to sign up with. With state regulation in place, the players can play safely, secure in the knowledge that they are protected in some measure by state laws.
Time will tell how successful this venture will be for both operators and state financiers.
Information source: Bloomberg Business Week
