GVC secures licence approval in New Jersey
The New Jersey Division of Gaming Enforcement (NJDGE) has ruled that licences held in the US state by bwin.party remain valid following GVC’s purchase of the company.
In February, GVC completed its acquisition of bwin.party, taking its entire issued ordinary share capital.
At the time, the NJDGE said that it would allow bwin.party to continue operating in the state while GVC applied for a licence.
The NJDGE has now concluded its preliminary investigation of GVC in regards to the bwin.party takeover and ruled that a transactional waiver is not needed in connection with existing New Jersey contracts.
In addition, the NJDGE ordered the termination of a monitoring agreement under which bwin.party had been operating since the acquisition by GVC.
“GVC and its individual qualifiers possess the requisite good character, honesty, and integrity should it file for a transactional waiver,” the NJDGE said in its ruling.
Kenneth Alexander, chief executive of GVC, said: “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.”
Related article: New Jersey clears bwin.party to operate under GVC ownership