Provider of B2B and B2C solutions for the international gambling industry GVC Holdings PLC announced today that the New Jersey Division of Gaming Enforcement, known to be the state’s gambling regulator, has concluded its preliminary investigation of the company regarding its purchase of fellow operator bwin.party digital entertainment PLC. GVC Holdings finalized the £1.12-billion transaction in February.
Following a comprehensive preliminary investigation of the Isle of Man-based gaming company, New Jersey’s gambling regulatory body concluded that GVC Holdings possessed “the requisite good character, honesty, and integrity” that are required from an operator in order to be allowed to provide its products and services within the state’s borders.
The regulator has also decided that bwin.party’s licenses in New Jersey will remain valid under GVC Holdings’ ownership. In addition, the latter would not have to be granted transactional waiver by the New Jersey Division of Gaming Enforcement regarding existing contracts within the state. As part of the regulator’s approval of bwin.party now being owned by its fellow operator, the Monitoring Agreement under which it had been operating since acquired by GVC Holdings has been terminated.
Following the latest announcement, GVC Holdings CEO Kenneth Alexander said in a statement from earlier today that he is delighted with the regulatory body’s decision and that his company meets all the necessary requirements as thus bwin.party would be able to keep on operating in New Jersey under its existing licenses.
The executive further noted that this has been an important milestone for the gambling operator, one that puts the combined business in a key position in case more regulatory opportunities emerge in the US. Here it is good to note that GVC Holdings currently has licenses in more than 14 jurisdictions around the world. The company has pointed out that it would continue expanding its global reach in regulated markets as “the regulatory framework evolves.”
Based on the Isle of Man, the company offers products in four main verticals – sports betting, casino gaming, B2B, and other non-core assets. As mentioned above, GVC Holdings completed its acquisition of bwin.party on February 1, 2016. It reported net gaming revenue of €167.7 million for the quarter ended March 31, 2016, up 180% year-on-year.
