NetEnt secures permanent license in New Jersey, eyes expansion in the newly regulated Pennsylvanian online gambling market
Swedish provider of online casino games NetEnt has locked up a permanent license by the New Jersey Division of Gaming Enforcement more than three years after the company originally entered the local market.
As per a statement released by NetEnt earlier today, the supplier was granted a permanent Casino Service Industry Enterprise license by New Jersey’s gambling regulator. The company thus reached an important milestone in its strategy to expand across the pond. The newly obtained license is NetEnt’s first one in the United States. The company has repeatedly pointed out that it aims to expand its footprint further across the US, should online gambling gets legalized in more states.
NetEnt applied for a New Jersey license in 2015. The company was given a transactional waiver by state gambling regulators to provide its products and services while its application was under review in September 2015. Over the course of the past three and a half years, the Swedish supplier has established partnerships with a number of Atlantic City’s land-based casinos that are also authorized to provide online gambling services.
NetEnt first launched its content with Resorts Casino in Atlantic City in December 2015. The company has also gone live with the Borgata, Hard Rock Hotel & Casino Atlantic City, and Ocean Resort Casino, among others.
Further US Expansion
Aside from New Jersey, NetEnt has also applied for an online gambling license in Pennsylvania. The state legalized the provision of online gaming and betting services in the fall of 2017 as part of a larger gambling expansion package. However, digital gambling services are yet to go live there.
NetEnt Chief Executive Therese Hillman said last week during the company’s full-year financial results presentation that they expect the launch of online gaming to be delayed in Pennsylvania due to changes in the regulatory requirements.
Ms. Hillman went on to say that they are following closely the latest developments in the US following the Department of Justice’s recent announcement that it has changed its stance on the nation’s Wire Act. NetEnt’s CEO pointed out that there has been a certain amount of uncertainty surrounding the future of the regulated US gambling industry, but they “do not see any reason to reconsider [their] US growth plans
NetEnt reported full-year revenue of SEK1.782 billion (approx. $192.7 million) and EBITDA of SEK816 million (approx. $88.2 million).
Last September, the company marked an important comeback to the online gambling market of Canada. Through a partnership with the British Columbia Lottery Corporation and online gambling group IGT, NetEnt games went live in the regulated market of the Canadian province. The Swedish supplier closed its gates for Canadian players back in 2016.
Follow us on Facebook and Twitter to stay up to date on the day’s top casino news stories.
