Shares in Zynga Inc. (ZNGA) rose 7.5 percent following Gov. Brian Sandoval signing a bill into law that allows Nevada to form partnerships with other states.
With New Jersey Gov. Chris Christie expected to sign an online gambling bill within a day or two, financial experts are predicting that Zynga stocks may climb even further. The leader in online social gaming, Zynga is poised to benefit greatly from its decision to transition into the real-money Internet gambling market. And with several other states considering online gambling legislation, the sky may be the limit.
“As states legalize some form of online gaming, you’re likely going to see Zynga positively impacted,” Edward Williams, an analyst at BMO Capital Markets, told Bloomberg.
Zynga shares ended the day Monday at $3.43. Since the beginning of the year, Zynga stock has risen 45 percent.
Zynga signed a partnership agreement with Bwin.party last year to offer real-money wagering in the United Kingdom. The company has also filed for a finding of suitability in Nevada and has set early 2014 as its goal to be providing real-money gaming in the U.S. market.