G.V.C. PASSES THE NEW JERSEY REGULATORS INSPECTION
Preliminary investigation determines that recently acquired Bwin.Party licenses in New Jersey remain valid and there is no need for an additional transaction waiver.
The European-based online gambling group GVC Holdings, has announced that on June 9 the New Jersey Division of Gaming Enforcement issued an order concluding its preliminary investigation of GVC in connection with its acquisition of Bwin.Party Digital Entertainment plc.
In a company statement GVC revealed that as part of its preliminary investigation, the DGE examined its business operations and concluded, "GVC and its individual qualifiers possess the requisite good character, honesty, and integrity should it file for a transactional waiver."
The DGE determined that the New Jersey licenses held by Bwin.Party shall remain valid under GVCs ownership and a transactional waiver is not needed in connection with existing New Jersey contracts.
Additionally, the New Jersey regulator ordered the termination of the Monitoring Agreement under which Bwin.Party had been operating since the acquisition by GVC.
GVC group chief executive Kenneth Alexander said Monday:
"I am delighted the DGE has confirmed that GVC meets its stringent regulatory requirements and that Bwin.Party can continue to operate in New Jersey under its current licences. This is an important development for GVC and one that places the enlarged Group in a strong position should further regulated opportunities in the US arise. GVC has licences in over 14 countries and continues to seek further licences in markets as the regulatory framework evolves."