Shares Up on Rumors of PS/FTP Entry to New Jersey Market in FallPublished on August 14th, 2014 5:33 am EST
Unconfirmed rumors have both Pokerstars and Full Tilt Poker entering the New Jersey online gaming market in the fall of this year, and this was enough to send shares of Amaya Gaming Group up 6.32% on Wednesday.
Amaya Gaming Group (AYA on the Toronto Stock Exchange) is currently in the final stages of closing their deal to purchase the Rational Group, which is the parent company of brands such as Pokerstars, Full Tilt Poker and the European Poker Tour. The Amaya Gaming Group has received the necessary approvals from regulators and its shareholders, and the deal for the Rational Group is expected to be formally completed in September.
The Amaya Gaming Group has made entering the New Jersey online gaming market one of its short-term priorities. Under old ownership, the Rational Group had unsuccessfully tried to enter the New Jersey market. As a matter of fact, the catalyst for the deal between the Amaya Gaming Group and the Oldford Group (current owner of the Rational Group) came when Pokerstars was rebuffed from entering the New Jersey market after multiple attempts.
Again, the rumors of Pokerstars and Full Tilt Poker entering New Jersey later in the year are unconfirmed, but it certainly wouldn't be surprising given the fact that the $4.9 billion deal for the Rational Group is expected to be completed in September.
Pokerstars was originally unable to gain entry to the New Jersey market due to the Rational Group's continued ties to Isai Scheinberg. With the Scheinbergs' formally cutting their ties with the Rational Group after the conclusion of the Amaya Gaming Group deal, New Jersey will likely quickly allow the Amaya Gaming Group into their online gaming market. After all, the introduction of the largest online poker site into the New Jersey market should give the state's online gaming tax revenues a much-needed boost.
Filed Under: Online Poker Rooms