Irish bookmaking giant Paddy Power has applied for a license to enter the potentially lucrative New Jersey online gambling market when iGaming becomes legal there later this year.
At the moment, it remains to be seen what role the company will play in the regulated gaming sector. Communications director Paddy Power, son of founder David Power, did not divulge whether the company had formed any partnerships with other Atlantic City businesses or give any hint as to Paddy Power’s plans within the industry. “We want to make sure that we’re in place and ready,” he told the Irish Press. “We’re putting ourselves into position,” he added.
New Jersey is the most populous state of the three to have legalized online gambling and is expected to be more lucrative than Nevada, where Ultimate Gaming currently enjoys a monopoly.
Some analysts predict the NJ market could be worth $1.2 billion in its first year alone, with online sites receiving additional revenue from tourists and other visitors who make short trips across state lines, specifically to bet online.
All 12 Atlantic City casinos, along with 26 other companies, have already applied for a license to operate as online gaming operators or providers in the state.
Several properties have already inked deals with software providers in order to have their products ready for launch at the state’s go-live date on Nov. 26, 2013. Borgata Hotel Casino & Spa has linked up with bwin.party while 888 Holdings recently announced a partnership with Caesars Entertainment Corp. PokerStars spent $11 million on a failed bid to purchase Atlantic Club casino and later made a deal with Resorts Casino Club.
Paddy Power rose to prominence through brick and mortar bookmaking shops located throughout Ireland. They later became known for risqué advertising and a willingness to take wagers on controversial, non-sporting events such the extinction of polar bears.