Playtech gets regulatory approval for New Jersey launch

1st Jun 2020 08:10

(Sharecast News) - FTSE 250 gambling software company Playtech said on Monday that it has been granted regulatory approval by the New Jersey Division of Gaming Enforcement (DGE) to provide its casino product to the New Jersey market.
Playtech will launch soon in New Jersey under its transactional waiver with bet365 and Hard Rock Atlantic City.

The company said it expects to launch with further operators in New Jersey in the near future and has also started the licensing process in other US jurisdictions.

Chief executive officer Mor Weizer said this was "a major milestone" for Playtech.

"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."

At 1050 BST, the shares were up 4.6% at 276.90p.

Broker Peel Hunt said: "We consider this a significant development for Playtech, after years of pursuing US market entry."