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First New Jersey online payment provider approved

First New Jersey online payment provider approved

As soon as it was announced that New Jersey would offer legal and regulated online gambling and poker, many payment provider companies saw an opportunity to make a lot of money and applied for a license to work the state's online gaming payment needs. Recently, the Division of Gaming Enforcement authorized Optimal Payment Solutions to offer their financial processing services to the licensed online gaming companies operating in the state.

This decision made Optimal Payment Solutions one of the first companies to be authorized to operate in the online gaming market in New Jersey. Optimal specializes in payment processing, risk management and fraud prevention. Some of the bigger gaming companies in New Jersey like Bally Technologies and Caesar's Interactive have already chosen Optimal Payments to handle their financial and risk management needs.

Optimal Payment Solutions president, Joel Leonoff, said in a statement that the company was excited for the future and they would be "leveraging (their) vast experience and expertise to help facilitate online payments for (their) partners in New Jersey."

The company was bought out in 2011 by Neovia Financial for $50 million and renamed to Optimal Payment Solutions. The company's stock was trading at 305.00 a share this week, which is up 5.54 points from last week.