The Borgata Hotel Casino & Spa has won the first online gambling permit in New Jersey.
The hotel is owned by Boyd Gaming (BYD) and MGM Resorts International (MGM). The companies will be teaming up with Bwin.Party Digital Entertainment to bring online gambling to their resort. New Jersey legalized online gambling in February and is expecting operators to begin offering online gambling services by the end on November. There are currently only three states that have legalized online gambling: New Jersey, Delaware and Nevada. In the United States, online gambling is expected to become a $7.4 billion business by 2017, reports Bloomberg.
When Borgata launches its online gambling in November, a full set of casino games will be available for users to play. This is different from Nevada, which only chose to regulate online poker.
BYD shares were up 4% as of Thursday morning, continuing a 106% year-to-date run.