Bwin.party has been awarded a full Casino Service Industry License by New Jersey’s Division of Gaming Enforcement (DGE), paving the way for the Gibraltar-based company to expand its operations in the US as states continue to consider and pass online gambling legislation.
Since November 2013, bwin.party has been offering online poker and casino games in the Garden State through a partnership with the Borgata Hotel Casino, but that Transactional Waiver will now be superseded.
“Receipt of our full license in New Jersey marks an important milestone for our US business, Norbert Teufelberger, CEO of bwin.party commented. “We believe the path to regulation across the United States is inevitable and expect that other states will soon follow.”
Teufelberger’s strong belief that it’s inevitable online poker will spread across the country isn’t an opinion shared by all.
With lawmakers in DC debating whether to pass the Restore America’s Wire Act, and Internet poker continuing to struggle in the three states where it’s legalized, budding enthusiasm might be a tad unwarranted.
In fact, bwin.party’s March revenues this year were down five percent compared to 2014, although it did see a 12 percent revenue bump compared to February.
Its Borgata Casino, Borgata Poker, and partypoker brands have been in a perpetual state of uncertainty for the last 17 months, but bwin’s belief in its superior products is the motivating factor for the company’s confidence.
“Recognized as being the best poker software supplier and for providing the operating platform behind the best mobile gaming product, together with our partners we are focused on delivering a safe and secure real money gaming experience for adults wishing to play games using mobile, touch, and desktop channels.
We have a demanding delivery pipeline which will provide our customers with further exciting content through 2015,” Teufelberger insists.
The DGE actually awarded the company two full licenses under the New Jersey Control Act, one for bwin.party (NJ) and another for bwin.party (USA), and investors immediately responded to the news. Listed on the London Stock Exchange (LON: BPTY), bwin.party shares rose 1.21 percent on Wednesday to 83.95 pence ($1.26).
Considering the stock once traded over 200 pence ($3.00) and was over 100 pence ($1.50) in January, capitalists interested in penny stocks might find bwin.party to be a risk worth taking, especially considering its CEO’s positive outlook.
Although stocks valued at such a low price are typically extremely risky, the potential upswing for being on the forefront of legalized iGaming in America could pay off substantially.
Playtech, another leading software provider for online casino games, is also traded on the London Stock Exchange (LON: PTECH). Its current price is nearly 850 pence ($12.79), meaning should bwin be able to expand its reach to new customers in America, a sizable take could be the prize for early investors.
But of course, just like gambling, purchasing stocks can be a risky endeavor.
You should always learn the game and understand how to identify smart bets before moving all-in, regardless of whether we’re talking poker or investing.