Virgin Mobile Announces Licensed NJ Online Casino
Richard Branson is the latest investor in New Jersey’s legalized online gambling industry. The British billionaire’s Virgin Group has announced it is partnering with the land-based Tropicana Resort and the online gaming software designer Gamesys in a joint online gaming enterprise.
The three companies will provide online slots, blackjack, and poker for US players, after new 2013 laws made it legal for some states to license online gaming sites. The State of New Jersey, where the Virgin Group’s new venture will be based, is one of those states.
Gamesys and Tropicana have been Internet gaming partners for some time, but the inclusion of Richard Branson’s company is new. Once launched, the new venture will be one of 15 different online casinos approved by New Jersey authorities.
Richard Branson Expects a Global Leader
Richard Branson, who is the 6th richest man in the United Kingdom, is known to the wider world for his attempts to break exiting world records. Branson holds records as the person with the most followers on LinkedIn and the oldest person to cross the English Channel on a wakeboard, but he’s had more ambitious attempts at breaking records, such as sailing across the Atlantic Ocean or ballooning around the Earth.
On the announcement of his latest ventures, Branson said, “We hope to provide New Jersey players with a globally leading, safe, fun and rewarding online gambling experience.”
Gamesys controls a number of online gaming businesses, including JackpotJoy, which has over 4 million signups. Gamesys COO Lee Fenton believes the new partnership could be his company’s largest success yet: “We wanted to refine the experience and make sure it was as good as it could possibility be for the customer.”
Tropicana Casino in Atlantic City
Tropicana Casino in Atlantic City has operated under that name since 1979, though a resort has existed on the site since 1919, when the old Ambassador Hotel was opened. Today, the Tropicana Resort contains 3,000 gaming machines, 135 gaming tables, and 2,000 hotel rooms.
Several industry trends have made times hard for many of Atlantic City’s gambling venues in recent years, though. The opening of the Foxwoods Casino and Mohegan Sun in Connecticut began to lure more New Yorkers, while the conversion of Pennsylvania racetracks into racinos meant more Pennsylvanians stay at home to gamble. Meanwhile, online gambling has raked in more gambling revenues each year, often to the detriment of land-based operations. Thus, the changing of New Jersey laws helps the Tropicana better compete in the 21st century gaming market.
New Jersey Revenues at $8.4 in November 2013
In November 2013, a handful of licensed online operators were given the green light by New Jersey Governor Chris Christie to begin accepting US players for real money. The state recently announced those casinos collected a combined $8.4 in revenues in November. Industry spokesmen claimed to be satisfied with this rake.
Government Chris Christie suggested New Jersey’s Internet operators would exceed $1 billion in revenues in 2014. Though insiders expect to see those numbers grow each month over the next year, they expect to see New Jersey casinos come up far short of that mark. Still, the increased money flow should help Atlantic City stay in business for years to come. The opening of New Jersey to online gambling is a good sign for long suffering American online gamblers, who’ve sometimes had difficulty finding reliable computer gaming opportunities in recent years.
Recent US Gaming Laws
Since 2006, U.S. authorities have punished those responsible for supporting American online gambling habits. In September 2006, when the United States congress passed the UIGEA, federal agencies have been far more aggressive in shutting down gaming sites and the electronic money transfer companies which pay off player winnings.
Many top poker sites, casinos, and sportsbooks left the US market in 2006 and 2007, as the new attitude towards gaming became evident. Top online gaming software companies like Microgaming, IGT, and Playtech also stopped accepting US players, while money transfer services often shied away from American gamblers.
In the past couple of years, several US states have allowed legalized online gambling, if the sites are associated with licensed and legitimate brick-and-mortar casinos. This has created a wave of new financial partnerships like the one proposed by Virgin Group, Tropicana Casino, and Gamesys. The Tropicana Casino in Atlantic City provides the legal venue to accept players, Gamesys provides technical support, and Virgin Group should provide the capital to fund major new online gambling operations
