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Pokerstars Now In New Jersey

Thursday October 01,2015 : POKERSTARS AND FULL TILT DEBUT IN NEW JERSEY IMMINENT?
 
Parent Amaya will waste little time in going operational after award of transactional waiver by DGE.
 
The news late Wednesday that Amaya Inc. has at last been given the green light to operate in the New Jersey online gambling market by the Division of Gaming Enforcement has observers speculating on how soon the company's Pokerstars and Full Tilt brands, partnered by local Atlantic City land operator Resorts Casino Hotel, will be up and running.
 
The consensus appears to be that Amaya will waste little time in gearing up and entering the market, creating a major impact with its respected capability in marketing, tournament action and promotional activity.
 
Between them, Pokerstars and Full Tilt have around 95 million registered players.
 
Intrastate legalised Internet gambling launched in New Jersey in November 2013 and has been delivering slow but steady progress in revenue terms.
 
Last year the state's online operations generated $122 million, a figure that will be overtaken this year, judging by business to end August, which is already at $96.7 million, an increase of around 15.6 percent y-o-y.
 
The award of a transactional waiver to Amaya by the DGE was widely reported following a public statement from the Montreal-based group.
 
CEO David Baazov said the group was obviously pleased to secure the regulator's approval and to add New Jersey to the list of regulated markets that have found PokerStars and Full Tilt suitable to offer real-money online gambling.
 
He noted that New Jersey gaming regulators have a long history of stringent regulatory oversight and enforcement of gaming operations.
 
"The DGE's review of PokerStars was extremely thorough and exhaustive, including a detailed review of Amaya's operations and technology, sworn interviews with more than 70 individuals and visits to approximately a half dozen international jurisdictions," Baazov revealed.
 
"This stringent review found PokerStars to be under strong, ethical and trusted ownership and management with Amaya, and worthy of participating in New Jersey's regulated online gaming market."
 
"Since the acquisition [of Pokerstars' parent The Rational Group], we have consistently delivered on our stated strategy," Baazov continued.
 
"Today's announcement follows the divesture of our B2B businesses for total gross proceeds of approximately US$524.8 million; the launch of casino games on PokerStars, which we estimate has one of the largest active user bases of any online casino; the refinancing of our long term debt and the reduction of our annual interest expense by approximately US$62 million. We are excited about our new product pipeline and enthusiastic that we will experience growth in existing and emerging markets in the future."
 
The transactional waiver will allow Amaya, which has been a business-to-business supplier in good standing for some time, to become a business-to-consumer and deal directly with players.
 
The company reportedly addressed Pokerstars’ troubled past head-on by pointing out that its settlement “never precluded the Pokerstars companies from offering real-money online poker in the US once permissible under relevant law,” (as is the case in New Jersey.)
 
The company also pointed out that many other companies that entered into settlements with Department of Justice over business practices, such as Citicorp and JPMorgan, have paid their penalties without facing limitations or restrictions on company assets.
 
Long before Amaya acquired the company, Pokerstars had the New Jersey market in its sights; the company initially negotiated a partnership with the now shuttered Atlantic Club land operator. That rather expensively fell through when Atlantic Club backed out of the deal on a contractual loophole associated with Pokerstars' inability to secure a DGE licence within a stipulated timeframe.
 
Pokerstars then inked an online gambling partnership agreement with Resorts Casino Hotel subsidiary Resorts Digital, again contingent on it securing licensing. That has proved to be an exhaustive and lengthy process since 2013 as the regulator considered the company's management history in the United States and the circumstances surrounding Amaya's acquisition of The Rational Group in order to be sure that there is no longer any involvement of Rational's former owners.
 
Whilst the DGE licence process evolved, Resorts launched online gambling earlier this year with Sportech - NYX Gaming LLC
 
InfoPowa readers will recall that in the wake of Black Friday Pokerstars paid a $547 million settlement to the DOJ regarding its past activity in the USA without making any admission of wrongdoing, and additionally handed over around $231 million for distribution to owed Full Tilt players when it acquired that failed enterprise.
 
Early reports on the latest developments include the news that Amaya will put about $400,000 into a trust account with New Jersey for unrecovered funds left from former New Jersey players should they wish to submit claims.
 
The Canadian group has also founded a direct, wholly owned subsidiary to operate in New Jersey, titled Amaya NJ.
 
Amaya recently diversified into the booming daily fantasy sports vertical, acquiring an established operator and rebranding the company StarsDraft.

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Gambling News :

Betsoft Gaming In Deal With SuprNation - Betsoft Gaming’s latest content supply partnership will see its Slots3 collection launched on VoodooDreams.com, SuprNation’s primarily Swedish and Nordic focused online gaming operation.

Ladbrokes New SPonsor of The Hennessy Gold Cup - The longest sponsorship deal in the history of British horse racing has come to an end with Ladbrokes becoming the new sponsor of the race formerly known as The Hennessy Gold Cup for the next five years, Racing Post reports.

Ladbrokes Appoints Annemarie Durbin - Durbin, a qualified lawyer with over two decades of international banking experience, will also take up membership of the Audit, Remuneration, Social Responsibility and Nomination Committees with effect from March 1, 2017.

Olympus Slot Pays $210k Jackpot to USA Player - “I love slots, been playing a long time. I go to Vegas once a year. In between I play online. It’s so convenient. I play mostly Hold the Riches, Pyramid Plunder, Dollar Storm or Olympus. I’ve also started playing keno more.”

Divine Fortune SLot Launches - NetEnt has launched a new local jackpot title “Divine Fortune”, a five-reel, 3-row, twenty-fixed line video slot themed on ancient Greece and a world of mythical creatures, legendary riches, and golden coins.

BetatHome profit guidance for the 2016 financial year - bet-at-home.com AG has lifted its profit guidance for the 2016 financial year following what it terms a “supremely positive business development in the fourth quarter”.

Aussie Millions $1,150 buy-in No-limit Hold’em Accumulator Results - In the latest Aussie Millions event - the A$1,150 buy-in No-limit Hold’em Accumulator, local poker pro Bridges Roe prevailed against a field of 721 to claim the main prize of A$160,725, despite starting the final day at the bottom of the chip counts.

2 Huge Wins at Bovada Casino - Paul D. from Boston, MA, scored really big, earning $808,529.80 playing the Food Fight progressive jackpot slot on the Bovada online casino on a wager of $11.25. Unfortunately Bovada's press release does not give any further details.

China Internet Clean Up Campaigns - The advisory revealed that the current drive will run through to the end of March 2018, and that online gambling and other inappropriate or unacceptable content must be blocked because:

AOPA to campaign for poker to be left alone - The threat that amendments to the federal Australian Interactive Gaming Act aimed at stopping in-play action could spill over into an online poker ban has motivated Aussie players to form an action group in support of the game.

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