GVC Holdings Secures Nevada License Through MGM Joint Venture
GVC Holdings, a British gaming firm, has been given an interactive gaming license in the US state of Nevada, opening the door for its poker brand partypoker to potentially resume operations in Las Vegas. However, the company also has its sights set on the sports betting sector. To achieve this, GVC entered into a multi-million euro joint venture with casino giant MGM Resorts, called Roar Digital, in January. Here's a summary of the current situation:
GVC Gets Some Slack: A "Long Leash" from NGC
The Nevada Gaming Commission (NGC) awarded the interactive gaming license to GVC, covering online gaming, including poker and sports betting. The deal is initially valid for two years. NGC Chairman Tony Alamo Jr. jokingly mentioned a "long leash" in a tweet, signifying some comfort with the possibility of future regulations. Despite this, NGC feels positive about the decision.
GVC owns brands like Foxy Casino, Foxy Bingo, bwin, Sportingbet, along with partypoker and Ladbrokes. This new license will enable the company to expand its reach in Nevada. partypoker may make a comeback to the US market as part of the expansion. This would be a significant milestone, as the Unlawful Internet Gambling Enforcement Act of 2006 outlawed online poker and sports betting, effectively banning them in the US.
Big Plans with MGM's Roar Digital
The main focus for GVC is the MGM joint venture, Roar Digital. GVC and MGM each invested USD 100 million in the company. As announced in August 2018, following the repeal of the Professional and Amateur Sports Protection Act (PASPA) by the USSC, both parties aim to dominate the US sports betting market together. Roar Digital's marketing team is led by Matt Prevost, former head of marketing at Coral Interactive. Adam Greenblatt, previously GVC Director of Development and Strategy, is now the Managing Director. The joint venture also targets the NFL (National Football League) as a major market.
Nevada and New Jersey: Expanding This Deal
The fresh license allows Roar Digital to provide B2B and B2C online sports betting and poker games in Nevada. In addition, Roar Digital received a transaction waiver in New Jersey. The New Jersey Department of Gaming Enforcement will soon allow Roar Digital to operate in the state as well. Though this is only a temporary six-month license, GVC CEO Kenneth Alexander is optimistic about obtaining a full license. He stated:
"I am pleased that GVC meets all the stringent regulatory requirements to offer wagering and gaming products in the state of Nevada. With the recent waiver of transactions in New Jersey, GVC and our joint venture with MGM, Roar Digital, are making significant strides towards building a market-leading US betting and gaming business."
GVC Shows Social Responsibility Commitment
Apart from the Nevada license, GVC's focus on social responsibility contributed to obtaining this license. GVC recently launched a fundraising campaign with the betting exchange BETDAQ for its in-house charity, "Changing for the Bettor Corporate Social Responsibility Initiative." The campaign features a T-shirt sponsorship deal with EFL League One soccer club Sunderland. The players will wear the Children with Cancer UK logo on their home and away shirts during the 2019-2020 season.
GVC also collaborated with the Safer Online Gambling Group (SOGG), a charity organization providing player protection and problem prevention. Under the partnership, GVC will provide SOGG with the funds to develop digital therapy tools. The Group is investing $5 million in the project and has pledged to donate 1% of its gross gaming revenue annually for problem gambling research and treatment until 2022. These social efforts are sure to be appreciated in the newly legalized US betting market.
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Source: www.onlinecasinosdeutschland.com
