Shares in 888.com Up: Growth in New Jersey Online Gambling Market, Eyeing CA

Shares in 888 holdings (888.com) were up 4.2 percent higher Tuesday to 145.3p on positive news that it may be increasing its market share in New Jersey.

Until now, Party Poker has captured more than half the New Jersey online gambling market.

888 Holdings also suggests that online poker legislation could be presented in the California courts soon despite the chief sponsor of that measure, Sen.Rod Wright, being convicted in all eight counts in his perjury and voter fraud trial.

So far only three states – Nevada, Delaware and New Jersey - have legalized real money Web gambling.  The Garden State is being viewed as the test case with its population three times that of Nevada and nine times that of neighboring Delaware.  New Jersey also benefits from nearby major metropolises like New York City and Philadelphia, located in neighboring states.  Anyone over the age of 21 can play on the New Jersey-based online gambling sites provided they are physically located within the state’s borders.

Supporters of online poker legislation in California have been met with opposition from that state’s many Tribal casino operators in recent years.  California alone represents the world’s eighth largest economy and has a population that is triple that of the three aforementioned states combined.

Poker accounts for 27 percent of revenues at 888. 

- Aaron Goldstein, Gambling911.com