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888 Announces New Jersey Online Gambling

12 August 2013 by Devon Chappell

Popular UK based online gambling hub, 888 has announced it will enter the New Jersey internet gambling market in order to move ahead into the swiftly approaching Fall launch of online wagering in New Jersey.

Based in London, 888 Holdings announced it will launch both online poker and casino games under its own casino brand. This announcement is not long after news about 888 regarding its other already-in-place agreement to partner with Caesars Interactive Entertainment (CIE; the online gaming branch of the well-known casino brand) to share its internet gaming platform. Interestingly enough, CIE is also a big player within the upcoming Atlantic City online market.

New Jersey is shaping up to take over Nevada as the number one online gambling market in the US – where betting online for real money has been legalized in a handful of states. While Nevada has already launched wagering online, only one poker room has gone live to this day: Ultimate Poker. Submerging the 888 brand heavily into the New Jersey market is indeed a very lucrative move for 888 Holdings.

Delaware has also legalized forms of online gambling, yet progress going live has been slow. Other various states are looking into legislature, including the prospects of interstate gambling. Various moves within Congress and lawmakers to create country-wide, blanketed legislature have been active, yet also unsuccessful. But most industry analysts agree that it is only a matter of time for federal regulation.

Online casino wagering was prohibited by Congress back in 2006 – a ban which dealt a major roadblock to online gaming brands like 888 (that was actively taking bets from the US market before the hammer was laid down by the Department of Justice). Since then, sluggish land-based casino revenue coupled with hungry state coffers has created a new era in the US online betting industry.

As far as 888’s provisions and partnerships go (the well-established brand that Caesars’ brings to the table), 888 vows to provide every possible form of wagering available in the New Jersey sector. Not just providing an online poker room like some other brands, 888 will provide an entire online casino suite of games. 888 is actively pursuing deals for gaming within all three US states that have legislature in place.

There certainly has been a heavily increase of interest by online casinos to enter the New Jersey market. Partnerships between brick and mortar casinos and online casino companies have been swift and abundant, save for a couple partner missteps, leading to a bit of concern that competition may get out of hand.

These new partnerships will come with some serious marketing budgets that will definitely need to be controlled. Industry estimates and forecasts for the New Jersey sector call for nearly $450 million in annual revenue. While New Jersey desperately needs the income for several reasons, forecasting may need a little re-tweaking and re-projecting as this beefed up competition will most likely and potentially generate more than the initial $450 million expected.

888’s revenue alone has already been steadily increasing as European online poker players (where gambling has been legal for quite some time) have been increasingly interested in playing poker and other casino games for real money bets. The last numbers released by 888 (2nd quarter) show a 5% increase in earnings totaling $97 million. Since that quarter (we are now in the 3rd quarter) action at 888 has shown projections that continue to see an increase.

Investors are loving 888, wherein shares equate to boosting the casino brand’s value to a reported 600 million pounds. The impending move into the US market has sparked interest with the investing community indeed.

New Jersey is set to go live with online casino activity as early as the upcoming Thanksgiving Weekend quickly approaching.

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