Bwin.Party Given Waiver to Operate in Atlantic City
European online gambling firm Bwin.Party has been given the green light to begin offering Web poker and casino games for real money to New Jersey residents and visitors by month’s end via a partnership with the Borgata Hotel and Casino.
The state’s Division of Gaming Enforcement awarded the firm a waiver to begin operating.
As noted by the Wall Street Journal:
the company applied to the New Jersey Division of Gaming Enforcement for a Casino Service Industry Enterprise License earlier this year; has been awarded a transactional waiver pending full licensure. -This transactional waiver means that bwin.party is now eligible to participate in the online gaming market in New Jersey which is expected to open on Nov. 26.
Bwin.Party founders Ruth Parasol and he soon-to-be ex-husband, James Russell DeLeon, elected to divest their stock in the company. Both held 58.5 million shares or just over 7 percent of ownership in the company. Those shares have been moved into trust accounts.
The couple, who have to date avoided prosecution by US law enforcement despite operating their business in the US a few months after the passage of a prohibition act, would likely have faced intensive scrutiny from New Jersey regulators as they would have been required to submit individual licence applications.
Shares closed Friday at 122 pence valuing the company at GBP977.9 million.
- Aaron Goldstein, Gambling911.com
