PokerStars Imminent Entry Into New Jersey Could Revive iGaming Hopes
PokerStars have received the ultimate makeover with the Canadian based Amaya acquiring them. Only a short time ago they were persona non grata in the State of New Jersey and were refused not once but twice by the Garden State when applying for an online gaming license.
What a difference a few weeks make especially when your selling price is $4.9bn and you own the bragging rights of having the largest online poker player pool. According to New Jersey’s casino regulator the state Division of Gaming Enforcement have begun talks today with Amaya Gaming. All the legal problems of PokerStars executives which included charges of money laundering and fraud seemed to have been forgotten.
The division Director of the state Division of Gaming Enforcement David Rebuck said,” We’ve had discussions with Amaya to reactivate the application, and we plan to begin discussions with them tomorrow. We’ll look at whatever they bring over. I think in the long run it will be a good story for New Jersey,” he said. “I’m optimistic that they know what the rules are, and I fully expect them to be very aggressive because they want to be here.”
The progress of online gambling in New Jersey which was launched in November last year is way below expectations. As we reported Gov. Chris Christie expected $1bn in annual revenues which has since been downgraded by Morgan Stanley significantly to the $300m range.
Even this now seems to be a struggle as casinos have suffered two successive months of decreased online revenues and casinos have only won about $61m in total since the launch. PokerStars could be just what the doctor ordered foe the online poker industry in New Jersey.
Amaya already have an online gaming license in New Jersey and act as the platform for Caesars Interactive. Amaya Company Lawyer Marie Jones expect the PokerStars approval and she said “they are optimistic they will get this done quickly.”