13th Jun 2016 09:14
LONDON (Alliance News) - GVC Holdings PLC on Monday said it has received approval from regulator the New Jersey Division of Gaming Enforcement for recently acquired bwin.party to continue to operate in New Jersey under its current licences.
This follows a preliminary investigation in which the New Jersey DGE examined GVC's business operations to determine whether the New Jersey licences held by bwin.party would remain valid under GVC's ownership. GVC purchased bwin.party Digital Entertainment PLC in February in a deal which valued the latter at around GBP1.12 billion.
On Monday, GVC said the investigation found that the licences will remain valid under GVC's ownership, and that a transactional waiver was not needed in connection with existing New Jersey contracts. The DGE also ordered the termination of the monitoring agreement, under which bwin.party had been operating since February.
"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," said Chief Executive Kenneth Alexander.
"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," Alexander added.
Shares in GVC were down 0.4% at 590.00 pence on Monday.
By Hannah Boland; [email protected]; @Hannaheboland
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