Amaya Jumps Most in 15 Months on New Jersey Gambling OK

Updated on

Amaya Inc. surged the most in 15 months after the Canadian gambling company secured regulatory approval to offer online gambling in New Jersey.

The New Jersey ruling paves the way for Amaya to be licensed in other jurisdictions, David McFadgen, a Cormark Securities analyst in Toronto, said in a note Thursday to clients.

The stock jumped 17 percent to close at C$28.50 in Toronto, the most since June 2014.

A review by the New Jersey Division of Gaming Enforcement found Amaya’s PokerStars brand to be under "strong, ethical and trusted ownership and management," and "worthy of participating in New Jersey’s regulated online gaming market," the Montreal-based company in a statement Wednesday.

Amaya has an agreement with Resorts Casino Hotel in Atlantic City to offer online poker and casino in the state via the PokerStars and Full Tilt brands. Amaya acquired PokerStars and Full Tilt in August 2014.

(Updates share price in third paragraph.)
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