Gambling technology firm Playtech has lauded a “major milestone” after securing approval for casino provisions within the New Jersey market.
Following up on a multitude of agreements entered last month, the company has announced that it has been granted regulatory approval by the New Jersey Division of Gaming Enforcement to provide the product to the region.
Launching in the near future within the jurisdiction under its transactional waiver with bet365 and Hard Rock Atlantic City, Playtech expects to launch with further operators in New Jersey in due course and has also started the licensing process in other US jurisdictions.
Mor Weizer, CEO of Playtech, commented on the development: “This is a major milestone for Playtech. We are delighted to have met the stringent regulatory requirements of the DGE and to be launching in New Jersey with our long-standing strategic partner bet365.
“The US is a highly strategic market for Playtech and we see significant demand for the full breadth of our product offering. We are initially launching our online casino product in New Jersey and over time will increase our products on offer to include sports, platform, and live casino and we will continue to expand into further states as they regulate. This is the first step for Playtech in the US and we are very excited about the long-term opportunity.”
Last month New Jersey sportsbooks closed out April at a two-year low, continuing the trend set a month earlier, as the Garden State’s online casinos boomed over the course of the month.
The region’s igaming entities and poker rooms generated a best ever $79.96m in revenue, up 118.6 per cent from $33.6m a year earlier, with poker tripling its figures from February to post a record $5.15m, also up from $3.6m a month earlier.
Despite this the $43.4m in year-over-year gains in revenue replaces just 20.9 per cent of the $207.6m in revenue that land-based casinos in Atlantic City generated in April 2019.