Zynga Stock Climbs on Online NJ Gambling Bill Prospects

February 11, 2013 -

Social game maker Zynga saw its stock get a substantial boost today as the prospects of an online gambling bill in the state of New Jersey that made its way to Governor Chris Christie's desk last week, and while he vetoed the bill, the Governor left the door open for an amended bill to garner his approval.

If passed, the bill would allow casinos in Atlantic City to offer online gambling using real money. Of course the way the current ecosystem for online gambling is set up one can only engage in real-money online gambling if they live in a state that supports it. The bill would also open up the possibility for European companies that deal in online casino games.

Last October, Zynga announced an agreement with bwin.party, to offer real-money online games in the U.K., and in December the company announced that it had applied for a gambling license in Nevada.

For investors, the hope is that the company will get its foot in the online gambling game in the U.S. market, which would generate a lot of revenue for the company if it were to choose the right partners in states where it is legal.

You can see the company's current stock price on http://finance.yahoo.com/q?s=ZNGA ">Yahoo Finance.

Source: Reuters by way of Polygon

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