GVC Holdings PLC (LSE:GVC), a leading e-gaming operator in both B2C and B2B markets, is pleased to announce that on 9 June 2016, the New Jersey Division of Gaming Enforcement ("DGE") issued an Order concluding its preliminary investigation of GVC in connection with its acquisition of bwin.party digital entertainment PLC ("bwin.party").
As part of its preliminary investigation, DGE examined GVC's business operations and concluded, "GVC and its individual qualifiers possess the requisite good character, honesty, and integrity should it file for a transactional waiver." DGE determined that the New Jersey licenses held by bwin.party shall remain valid under GVC's ownership and a transactional waiver is not needed in connection with existing New Jersey contracts. Additionally, DGE ordered the termination of the Monitoring Agreement under which bwin.party had been operating since the acquisition by GVC.
Kenneth Alexander, CEO said:
"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. 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."
For further information:
|GVC Holdings PLC|
|Kenneth Alexander, Chief Executive||Tel: +44 (0) 1624 652 559|
|Richard Cooper, Group Finance Director||Tel: +44 (0) 20 7337 0110|
|Nick Batram, Head of Investor Relations & Corporate Strategy||www.gvc-plc.com|
|Cenkos Securities plc||Tel: +44 (0) 20 7397 8900|
|Mark Connelly, Stephen Keys, Camilla Hume|
|Bell Pottinger||Tel: +44 (0) 20 3772 2500|
|David Rydell, James Newman, Anna Legge, Laura Jaques|
About GVC Holdings PLC
GVC Holdings PLC is a leading e-gaming operator in both B2C and B2B markets. GVC has four main product verticals with a number of brands; Sports labels (bwin, sportingbet, gamebookers), Gaming labels (partypoker, partycasino, Foxy Bingo, Giocco Digitale, CasinoClub), B2B and non-core assets. GVC acquired bwin.party digital entertainment plc on 1 February 2016. The Group is headquartered in the Isle of Man and has licences in over 14 countries.