Skip to main content
The Globe and Mail
Support Quality Journalism.
The Globe and Mail
First Access to Latest
Investment News
Collection of curated
e-books and guides
Inform your decisions via
Globe Investor Tools
Just$1.99
per week
for first 24 weeks

Enjoy unlimited digital access
Cancel Anytime
Enjoy Unlimited Digital Access
Get full access to globeandmail.com
Just $1.99per week for the first 24weeks
Just $1.99per week for the first 24weeks
var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){window.requestAnimationFrame(function() {var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))});}pencilInit(".js-sub-pencil",!1); // via darwin-bg var slideIndex = 0; carousel(); function carousel() { var i; var x = document.getElementsByClassName("subs_valueprop"); for (i = 0; i < x.length; i++) { x[i].style.display = "none"; } slideIndex++; if (slideIndex> x.length) { slideIndex = 1; } x[slideIndex - 1].style.display = "block"; setTimeout(carousel, 2500); } //

The Amaya Gaming Group headquarters are pictured on June 13, 2014 in Montreal.

Ryan Remiorz/The Canadian Press

Amaya's shares were on a roll Thursday after the owner of the world's largest online poker brands said it will return to the United States as a result of a deal with authorities in New Jersey.

"We are very pleased to add New Jersey to the long list of regulated markets that have found PokerStars and Full Tilt suitable to offer real-money online gaming," said Amaya chairman and CEO David Baazov.

He said the approval, through a partnership with Resorts Casino Hotel in Atlantic City, was granted after a detailed review of the company's business, including sworn interviews from more than 70 individuals and visits to several international jurisdictions.

Story continues below advertisement

On the Toronto Stock Exchange, Amaya shares closed up more than 17 per cent at $28.50, the biggest daily increase in 15 months.

New Jersey, Delaware and Nevada are the only U.S. states to permit online gaming. But other states, including Pennsylvania, have looked at joining the list, offering a huge potential opportunity for Amaya.

PokerStars stopped providing real money poker games in April 2011 and was fined $547-million (U.S.) after the U.S. Justice Department seized the domain names of the company and a couple of competitors.

Two applications to enter New Jersey — considered one of the toughest jurisdictions to gain approval — were reportedly rejected because of legal issues facing the prior owners, who sold the business to Amaya in 2014 for $5-billion.

The state is the largest legal gaming market in the U.S. but generated relatively little in revenue from online poker last year. However, industry analysts say that while the financial returns from New Jersey are relatively small they could provide a springboard for the company as other states regulate online gaming.

Maher Yaghi of Desjardins Capital Markets said the credibility of the PokerStars and Full Tilt brand and Amaya's corporate structure "should improve investor perception about the company and provide something of a precedent for other states to consider having PokerStars and Full Tilt throughout the U.S."

Analyst Eyal Ofir of Dundee Capital Markets expects the entry of PokerStars will kick-start the poker market and help it grow, partly by helping to educate the 60 per cent of New Jersey adults who are reportedly unaware that Internet gambling is legal in the U.S.

Story continues below advertisement

The U.S. online gaming market is expected to be worth up to $2.7 billion a year by 2020 as more States legalize it.

Report an error
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

If you do not see your comment posted immediately, it is being reviewed by the moderation team and may appear shortly, generally within an hour.

We aim to have all comments reviewed in a timely manner.

Comments that violate our community guidelines will not be posted.

UPDATED: Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies