GVC receives New Jersey green light
Firm given regulatory approval to continue operating in state under bwin.party licences
GVC Holdings can continue to operate bwin.party in New Jersey after the stateâs regulator concluded its preliminary investigation into the firm and its management team.
In a major boost to the London-listed operator, the New Jersey Division of Gaming Enforcement (DGE) described GVC and its personnel as having âthe requisite good character, honesty and integrityâ should ever it decide to file for a transactional waiver.
In the meantime the regulator said bwin.partyâs current licences would remain valid under GVCâs ownership and would not require a transactional waiver for its existing contracts.
The investigation, which saw the DGE examine GVCâs business operations, was launched following GVCâs acquisition of bwin.party, which completed in February. The regulator has now ordered the termination of the Monitoring Agreement under which bwin.party had since been operating.
GVC chief executive Kenny Alexander said he was âdelightedâ bwin.party could remain in the state under his leadership and would enable the firm to take advantage of any further regulatory developments in the country.
âThis 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,â Alexander said.
âGVC has licences in over 14 countries and continues to seek further licences in markets as the regulatory framework evolves,â he added.
As well as operating a B2C business in New Jersey, GVC also provides a casino and poker platform to the Borgata, although the future of this contract is in the balance following news the land-based casino partner had lined-up Pala Interactive and GAN as potential replacements.
GVCâs share price remained relatively flat at 590p after early morning trading.
Gerard Starkey