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PokerStars signs a 20-year agreement with Eldorado Resorts

PokerStars is not sitting down waiting for US players to come them. A few weeks ago, we commented that The Stars Group, PokerStars parent company, was actively fighting for this attractive market; actually, they already have a deal with Mount Airy Casinos Resorts (Pennsylvania), one of the largest operators in the USA.

PokerStars signs a 20-year agreement with Eldorado Resorts

Eldorado Resorts owns of very popular gambling resorts like Tropicana in Atlantic City, Eldorado in Reno and Grand Victoria Casino in Illinois; they have 28 properties in 13 states.

Recently, The Stars Group announced a new deal with Eldorado Resorts, building strategic partnerships which could potentially give access to 13 US states (11 from Eldorado agreement and 2 where PokerStars already operate) to PokerStars. The deal was signed for 20 years and it "grants the option to operate online betting and gaming in the states where Eldorado currently or in the future owns or operates properties", which means PokerStars is looking to cover all the US states where somehow the online gambling has been regulated:

  • Colorado
  • Florida
  • Illinois
  • Indiana
  • Iowa
  • Louisiana
  • Mississippi
  • Missouri
  • Nevada
  • Ohio
  • West Virginia

In New Jersey and Pennsylvania, PokerStars already has deals with local companies.

Rafi Ashkenazi, The Stars Group CEO, commented about the deal:

"This agreement establishes the foundation for our U.S. strategy as we tactically pursue access to other key states and opportunities with potential media partners."

Gary Carano, CEO of Eldorado also referred to the agreement:

"We are excited to work with The Stars Group to capitalize on their proven ability to leverage their products to gain share in the growing market for online gaming."

The agreement includes an initial share transaction between The Stars Group and Eldorado for $25MUSD, and an opportunity to get more shares in the future, which is based on the Pokerstars success in the new services. Also, Eldorado will receive a revenue share from the operation.

Conclusion

This is a long-term movement for PokerStars. Online gambling regulation is slow even in the listed states, not to mention other limitations like Mississippi which at the moment only allows placing bets on-property. So far, only Nevada, New Jersey, and Pennsylvania have active legislation for online gambling (Mississippi and West Virginia have sports betting regulations too) while the other states are actively working on it.

Now, The Stars Group is ready to compete head-to-head with partypoker which announced also a 25-year agreement with MGM Resorts.

Stay tuned on our Telegram channel for more EV+ news.

Vargoso 27.11.18 37
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