Shares of Zynga and Glu Mobile on the Upswing as Nevada and New Jersey Legalize Online Gambling
RDInvesting Provides Stock Research on Zynga and Glu Mobile
NEW YORK, NY -- (Marketwire) -- 03/01/13 -- Shares of gambling stocks and mobile gaming stocks have been trending upwards in recent weeks after the two largest gambling states in the U.S. -- Nevada and New Jersey -- announced the legalization of online gambling. Research Driven Investing examines investing opportunities in the Gaming Sector and provides equity research on Zynga Inc. (NASDAQ: ZNGA) and Glu Mobile Inc. (NASDAQ: GLUU).
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Although the state of Nevada has a population of less than 3 million people, the bill allows the state to enter into contracts with other states with larger populations. The Nevada Gaming Control Board Chairman A.G. Burnett has stated that he has already received roughly 20 license applications for online gambling. According to American Gaming Association across the world approximately $35 billion is wagered online each year.
"The potential agreements to pool players between states as contemplated by the Nevada bill can likely be attributed to similar practices in the lottery industry, such as Powerball," Fitch Ratings wrote in a recent report.
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Zynga expanded into the gambling market last year when they signed a deal with Bwin.Party Digital Entertainment to offer real money poker and casino games in the U.K. Zynga CEO Mark Pincus has stated that the company will not focus on the existing hardcore gambling market. "We're not the company to win the hardcore real-money gamers," Pincus said. "But we think we are for the mass market audience."
Glu Mobile in October 2012 partnered with U.K.-based Probability PLC to begin developing Glu-branded mobile slot games and casino games. More recently the company has made a strategic investment in Bee Cave Games, a company focused on the development of social and mobile casino games. Bee Cave Games' first title, Blackjack Casino, is currently in private beta on Facebook.
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