NEW YORK, NY -- (Marketwire) -- 02/12/13 -- Shares of gaming stocks surged last week on the prospect of online gambling becoming legalized. Although New Jersey Governor Chris Christie vetoed a bill that would allow gambling over the internet in the state of New Jersey for the second time, he stated that if certain amendments were made he would allow a 10-year trial period. Five Star Equities examines the outlook for companies in the Gaming Industry and provides equity research on Bally Technologies Inc. (NYSE: BYI) and Glu Mobile Inc. (NASDAQ: GLUU).
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One of the amendments required by Governor Christie would be raising the tax rate on revenues from 10 percent to 15 percent. If passed New Jersey would become the third state where online gambling is legalized, following Delaware and Nevada. Janney Capital Markets analyst Brian McGill estimates the New Jersey online gaming market could be worth up to $1 billion in three years.
"Now is the time for our state to move forward, again leading the way for the nation, by becoming one of the first states to permit Internet gaming," Christie wrote. "While Atlantic City's reputation and stature as one of the premier resort destinations on the East Coast are well-chronicled, it is no secret that revenue from the region's most important industries, gaming and tourism, has been in decline.
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Bally Technologies manufactures, operates and distributes advanced gaming devices, systems and technology solutions worldwide. The company through a recent agreement with OpenBet, one of the world's leading providers of interactive gaming and betting solutions, will now be able to bring its market-leading content online.
Glu Mobile is a leading global publisher of 3D Social Mobile games for smartphone and tablet devices. The company has partnered with Probability PLC, a mobile gambling specialist based in the UK, to expand their mobile portfolio to include real-money gambling. Glu Mobile has also recently invested in Bee Cave Games, a new company focused on developing social and mobile casino games.
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