888 To Provide New Jersey with Online Gambling Product

Published Tuesday, August 06, 2013 - Online-Casinos.com
888 To Provide New Jersey with Online Gambling Product

New Jersey’s internet wagering market is fast becoming a full house. A recent announcement was made concerning 888 which will launch a licensed online gambling site, including poker and casino gaming, under its own brand in that state.

888 has had a lengthy partnership with Caesars Interactive Entertainment and operates Caesar’s World Series of Poker in the United Kingdom with granted permission from the Gibraltar Licensing Authority. Caesars has four of the twelve licensed casinos in New Jersey which includes Bally’s, Caesars, Harrah’s and Showboat. In the deal to extend their partnership, one of these four licenses will be applied to 888’s online gambling product and the poker room is to be connected with the new All American Poker Network.

The Chief Executive Officer for 888 Holdings Brian Mattingley, mentioned that the deal offered an “incredibly exciting” opportunity for the group, saying that they are “extremely well positioned in the US,” adding, “working with the regulators in Nevada, Delaware and New Jersey as these three states become ready to open.”

Mattingley did not expose the marketing budget for New Jersey but said it would be done with caution in a controlled manner. Mattingley said analyst forecasts for the total annual gaming revenue of $450 million from New Jersey looked a "bit rich" but did not comment on an exact number with regards to the size of the market there.

Investors have been encouraged by 888’s remarkable growth since the news that the market in the USA would be opened up with shares doubling over the past year.

888 holdings announced their second-quarter revenues rose 5% to $97 million and that third-quarter trading was so far in line with its expectations. 888 shares added 1.4% to 171.9p bringing the value of the firm to around 600 million pounds.

888 lost an enormous amount of value in 2006 when the USA prohibited offshore online gambling operators from doing business in the jurisdiction.

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