New Jersey Says 37 Applications Received for Online Gaming
New Jersey regulators completed a preliminary review of applications filed by companies that want to work on Internet gambling with the state’s casinos.
A total of 37 applications were received, including three from companies previously licensed by the state, the Division of Gaming Enforcement said today in a statement.
The names won’t be disclosed until they are published on a list of active vendors on the division’s website. The state defines the applicants as those providing software, marketing, telecommunications or other services. Each of the state’s 12 casinos notified regulators of their intent to partner with an Internet gaming provider last month.
“We see this as the first round of filings and we expect that more applications will be filed as the start of Internet gaming moves closer,” the divison’s director, David Rebuck, said in a statement.
New Jersey is one of three states to legalize online betting, along with Nevada and Delaware. The state has said online gambling may begin between three months and nine months from the Feb. 26 passage of the legislation. That deadline may be extended, the state has said.
Caesars Entertainment Corp. (CZR), owner of four Atlantic City casinos, has partnered with online gaming provider 888 Holdings Plc. (888) Chairman and Chief Executive Officer Gary Loveman said yesterday he hoped to offer Internet betting in the state by the end of the year.
His comments were echoed today by Keith Smith, president and CEO of Boyd Gaming Corp. (BYD), which co-owns the state’s top-grossing casino, the Borgata. Boyd is in an online venture with Bwin.Party Digital Entertainment Plc. (BPTY)
Andrew Zarnett, an analyst with Deutsche Bank Securities Inc., increased his annual estimate of the New Jersey online gaming market by $50 million to $275 million on July 5.
“Due to the quantity and caliber of the online partner combinations, we expect the Internet gaming market to be more robust than initially believed,” he said.
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