Bwin.party have finally come out and announced their deal in the US with MGM & Boyd Gaming and the deal looks very good for the European Operator.
The company said, “the deal was central to bwin.party’s strategy for entering the US market, subject to appropriate US legislation being passed.”
The deal would see the formation of a new entity – 65% owned by Bwin.party, 25% by MGM and 10% for Boyd – that would operate under the PartyPoker and World Poker Tour brands.
While there is no certainty that online poker legislation will be enacted in the US or when, bwin.party is preparing to enter into a preliminary suitability review in the State of Nevada.
It is understood the deal is on a 15-year business-to-business agreement with MGM & Boyd that will enable them to offer real money online poker services under their own brands in the US using the bwin.party technology platform & associated services. Under the terms of these agreements both MGM & Boyd are exclusive to bwin.party & the Bwin.party will receive a share of the online poker revenue generated by those services.
Commenting on the announcement, Jim Ryan & Norbert Teufelberger, the Co-CEOs of bwin.party, said:
“Our strategy has been designed to address any & all legislative outcomes, whether federal or state-by-state. We are particularly excited to be working with MGM & Boyd. Combining their significant assets & regulatory expertise with the strength of our PartyPoker & World Poker Tour brands, all supported by our in-house technology, makes us perfectly positioned for any future opening of the US online poker market.”
Jim Murren, Chairman & CEO of MGM Resorts International, said:
“MGM has long been supportive of Federal legislation to strengthen UIGEA & provide the needed regulations & consumer protections for online poker. MGM is proud to have bwin.party as our partner as they have the assets & experience that, combined with our brands, can ensure a secure, fair & entertaining online poker experience.”
Keith Smith, President & CEO of Boyd Gaming, said:
“We believe the right approach to offering legal online poker in the United States is through a federal regulatory structure that ensures the games are conducted with the greatest possible integrity & security. Should Congress enact legislation to legalise Internet poker, this agreement will allow us to partner with the world's most experienced & prestigious online operator to offer a secure, fair & entertaining experience for players in the United States.”
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