Zynga Shares Jump Thanks to Progress in New Jersey
Social game developer Zynga’s stock rose after it became apparent that there is a high chance of Governor Chris Christie legalising online gambling within the state of New Jersey.
The news that online gambling may soon be legal in New Jersey caused Zynga’s shares to quickly rise.
While Christie did veto the bill in its current form, he said he would sign it if a number of changes were made.
The bill would allow casinos in Atlantic City to offer real money online gambling it would also open the door to European companies that deal in online casino games to.
Zynga has been slowly moving into the online gambling market. Last October the company announced a deal with bwin.party to offer real-money games in the UK and in December the compay announced that it had applied for a gambling license in Nevada.
Investors are hoping that the company can build a presence in the US online gambling market which would generate a lot of revenue if New Jersey legalises the activity.
Last Friday Zynga’s shares started at $3.09 and jumped 11% to $3.43 by the end of the day. At present they are worth $3.67 and look set to continue rising.
