Zynga looks like it's got some life again, currently trading above $3.40 a share.
Zynga stock hasn't seen prices like these since July 2012 when it was being traded above $4.00 a share. Afterwards it was gasping for air, trading in August around $2.72 a share and it seemed to stay there most of the year. However, with the country's stance on online gambling changing, the company known best for its FarmVille, Mafia Wars, and online poker is set to have a payday if all goes well.
The Associate Press reports that New Jersey lawmakers say they plan to pass a bill legalizing Internet gambling. It's scheduled for a vote today. If passed, it will be sent to Gov. Chris Christie by the end of the day.
The era of online gambling has grown over the years. According to Research and Market's report, "Analyzing the Global Online Gambling Industry", the online gambling industry is set to explode.
The report states, "The global online gambling industry is one of the biggest and most rapidly expanding market at the moment. With a net worth of $30 billion, last year it expanded at the rate of 2.5% after a slowdown in the 2009 global economic recession and is expected to continue to grow in the coming five years..." Statistical data from the report also states that about 51% of the world's population takes part in some form of gambling every year.
Nevada has already signed Internet gaming legislation, with Governor Brian Sandaval saying in a statement that, "This is an historic day for the Great State of Nevada. Today I signed into law the frame work that will usher in the next frontier of gaming in Nevada. This bill is critical to our state’s economy, and ensures that we will continue to be the gold standard for gaming regulation..."