The prospects of legal online gambling in New Jersey have many online gaming companies salivating. Even though New Jersey Governor Christie vetoed the latest bill online gambling in the state is almost a done deal. Christie said he would sign the bill if gambling taxes are raised and a review of online gambling takes place annually. The promise of legal online gambling in New Jersey caused the stock of many gaming companies to spike on global stock exchanges. Caesar’s Entertainment and Boyd Gaming stocks spiked last week because of the prospects in New Jersey. Many gaming experts believe internet gambling will be the salvation of Atlantic City casinos that have been struggling from competition from casinos in neighboring states and the after effects of Hurricane Sandy.
The New Jersey legislature has indicated they will have a revised online gaming bill on Christie’s desk shortly. The window of opportunity could help online game developers like Zynga who introduced poker and online bingo on Facebook. Last August Zynga launched a real money gaming application on Facebook in the UK. Zynga chose the UK for the launch because of the country’s regulated and mature online gaming market. Even though New Jersey will only be the third state to legalize online gambling reports suggest the three markets could be worth billions in short order.
There are several reasons for the rising popularity of online gaming and according to the blog Tech Addiction the top five reasons are:
1. Online players can gamble from the privacy and comfort of their own homes and there is no need for a trip to a casino.
2. New players can learn games using step by step tutorials provided by most online gaming sites. New players do not have to feel embarrassed and do not have to risk any money while learning.
3. Online gambling sites offer players exciting, modern interfaces that are particularly appealing to those that enjoy playing video games.
4. New players have the option to use ‘play money’ which can ease the transition to real money betting.
5. Online gambling tournaments (In particular poker) have produced champions who have gone on to playing in televised tournaments.
Zynga’s stock now trading above $3.67 and this February has been a good month for the social game developer. In January Zynga was trading at $2.66. Most experts believe that once New Jersey legalizes online gambling Zynga’s stock will rise even further.