A British online gaming company is creating a “game changer” in Atlantic City, N.J., USA, by bringing its online gambling presence to the famous seaside town. The company is 2UP.com and it is backed by MidOil USA, an investment banking company, as it locates some operations to Atlantic City either through acquisition of an existing casino or by building an online operation from scratch in the city.
Basically, the London-based 2UP Gaming PLC beat a July 30 deadline for applications to the New Jersey Division of Gaming Enforcement for online gaming companies to offer Internet wagering on casino slot machines and table games. While online gaming will be offered, the partnership is poised either to begin operations alone or buy an existing brick-and-mortar casino to house operations. Either way, the move should create local jobs and expand the presence of British online casinos in the U.S.
The UK-based 2UP Gaming along with the Asian investment bankers planned to invest $215 million pounds to get that foothold in the American market. This will allow it to assemble the technology and strategy needed to succeed, according to Marino Sussich, 2-UP CEO. The company is listed on GXG as a small-to-medium enterprise market that operates an online casino courtesy of a license in Curacao.
This British-led expansion into Atlantic Cty is considered the biggest expansion of Atlantic City gaming since it was introduced in 1978. Analysts estimate that online gambling based in Atlantic City should generated more than $129 million pounds annually and possibly up to $775 million pounds annually when operations begin in November 2013.
Every one of Atlantic City’s 12 casinos has said it will institute online gaming with 10 of them already reechoing partnerships with groups like Britain’s 2UP Gaming. Tropicana Casino and Resort is said to have partnered wit Gamesys while Trump Plaza Hotel and Casino ys working with Betfair.
The most controversial of the proposed partnerships involves the Isle of Man’s PokerStars teaming up with Resorts Casino Hotel after failing to buy a physical Atlantic City casino. PokerStars tried to buy the Atllantic Club but was rebuffed. PokerStars tried to complete the sale by way of a lawsuit but U.S. courts ruled the Atlantic City club could back out of an agreement because it was reached before regulatory approval could be gained.