Playtech, one of the biggest online gambling suppliers in the world, was recently given the green light to launch its casino products at Bet365 New Jersey. The company has received a transactional waiver from the New Jersey Division of Gaming Enforcement (DGE), meaning it can now commence operations in the Garden State.
Bet365 is a global leader in online gaming and wagering services. The British firm is partnered up with Playtech in several other jurisdictions, so the New Jersey deal is hardly surprising.
Playtech CEO Mor Weizer said earlier this week, “This is a major milestone for Playtech. We are delighted to have met the stringent regulatory requirements of the DGE and to be launching in New Jersey with our long-standing strategic partner Bet365.”
Weizer stated that Playtech will look to launch other gambling products in the United States, which may include sports betting platforms and live dealer casino games. He said, “This is the first step for Playtech in the US and we are very excited about the long-term opportunity.”
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Playtech has been waiting for some time to get its first US gambling license. The company first entered discussions about American operations in August 2018, a few months after the US Supreme Court struck down the Professional and Amateur Sports Protection Act (PASPA).
“I don’t think we are too late,” Weizer said in February last year when addressing Playtech’s relative lack of activity in the US.
“In New Jersey the vast majority of operators are a partner of Playtech in some way. That includes GVC, PokerStars, 888, Paddy Power Betfair.
“We will become an important partner to operators, providing them with software. Given the market is more advanced, we will be focused on software and the traditional B2B model rather than JVs and white labels.”
After the deal with Bet365 New Jersey was announced, the share price of Playtech increased by almost 5%. That gave the firm a market cap just shy of $1 billion.
The news comes after a rough patch for Playtech. Just a week before the deal was announced, the company agreed to pay $4.3 million after an investigation by the UK Gambling Commission found it had committed a number of regulatory breaches with regard to anti-fraud and social responsibility protocols.