Zynga’s Big Hope: Online Gambling?

(Ping! Zine Web Tech Magazine) – Sure, online gambling pays dividends – but in the U.S., it’s mostly banned.

However, that hasn’t stopped some companies including social game provider Zynga from investing in the area. According to a CNN report on Tuesday, stock in the company had jumped by 59% after entering the betting world.

So why are shares increasing if it’s mostly a no go in the U.S. market? According to the report, there’s investor hope that online gambling could eventually hit the U.S. market – it’s already been approved in a few states. Look no further than reps for the gaming industry increasingly lobbying congress for changes on the front.

It is, however, still very early in the process and investors will just have to wait to see if and when U.S. gambling restrictions are relaxed. Meanwhile, in CNN’s report, analyst Arvind Bhatia of Agee described an investor sentiment that was “cautiously optimistic” regarding “Zynga’s potential” in the area.

Zynga is popular for providing social game apps to networks like Facebook – if you’ve heard of Farmville, you’re thinking of the right source. The company made its IPO in December of 2011.

The game provider already offers casino games like Zynga Poker, Slingo, Go Slots, Lucky Play and Zynga Bingo.