Betfair and Caesars Partner Up In iGaming Deal
Following the closure of the Trump Plaza and according to a New Jersey Law that states all online gaming companies have a land based partner, Betfair have announced a new partnership with Caesars Entertainment that will allow them to stay in New Jersey and offer online gambling to residents of the Garden State.
After the closure of the Trump Plaza on the 16th of September, a New Jersey judge gave the London based online gambling giants leave to seek out a new partner. However, that would have been easier said than done as a majority of the casinos already have previous deals with online casino operators, including eventual partners, Caesars Entertainment.
At the moment, details of the partnership have yet to be released so it’s not certain how the two will operate alongside each other, if they do at all. Caesars Entertainment, which runs the Caesars Online Casino, could choose to remain a competitor to Betfair, whilst sharing real estate which seems to be, according to local insiders, the most logical choice.
Betfair, while not being one of the bigger names in the current market, easily being dwarfed by the likes of the Tropicana, still managed to accrue over $4 million in the first half of the year. This is why they decided to make an appeal to the New Jersey Division of Gaming Enforcement instead of leaving the fledgling online gaming market as Ultimate Gaming did when their partner, the Trump Taj Mahal closed their doors earlier in the year.
The new license, granted by the DGE, is a Data Center Sublicense Agreement that will allow Betfair to partner up with Caesars Entertainment, which happens to be the second biggest online gambling earner in the state. The deal is called a transactional waiver and has been granted to Betfair for a six-month period.
One of the biggest problems Betfair faced when in partnership with the now closed Trump Plaza, was the lack of support provided by the casino. The hedgefund that owned and operated the casino did not offer to provide any marketing assistance or even promote the online casino on the casino website.
But, the new partnership with Caesars rings in new changes to the New Jersey Laws. Earlier in the week, Assemblyman Ralph Caputo drafted a bill, labelled A-3348, which he says will “provide an opportunity for to expand advertising and get the word out about the casino still standing”.
The bill was drafted to ensure that the online casinos operating within the borders of New Jersey advertise their land based partners on their websites. This is said to assure gamblers that, despite the closure of five casino this year, there is still lots happening in Atlantic City.
Assemblyman Troy Singleton, speaking about the bill said that it would allow casinos “to reach potential customers who may want some entertainment options along with their gambling”.
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