Caesars (CZR), Zynga (ZNGA) Tick Higher on Shutdown of Noted Internet Gambling Site
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Caesars Entertainment (Nasdaq: CZR), Zynga (Nasdaq: ZNGA), and Boyd Gaming (NYSE: BYD) are on watch following news that Ireland-based gambling site InTrade will be shuttering its doors for a while.
According to InTrade, the move is being made due to circumstances which "require immediate further investigation, and may include financial irregularities" in accordance with Irish law. The company also "closed and settled all open contracts at fair market value as of the close of business on March 10, 2013."
Though InTrade doesn't deal directly with casino games, the move might hint at a wider effort from the Irish government, potentially spreading to other offshore companies.
Just a few weeks back, Zynga and Caesars saw upside as New Jersey Governor Chris Christie signed an Internet bill legalizing online gambling, while Nevada is also moving in the same direction.
Shares of all three are positive on Monday's session.
According to InTrade, the move is being made due to circumstances which "require immediate further investigation, and may include financial irregularities" in accordance with Irish law. The company also "closed and settled all open contracts at fair market value as of the close of business on March 10, 2013."
Though InTrade doesn't deal directly with casino games, the move might hint at a wider effort from the Irish government, potentially spreading to other offshore companies.
Just a few weeks back, Zynga and Caesars saw upside as New Jersey Governor Chris Christie signed an Internet bill legalizing online gambling, while Nevada is also moving in the same direction.
Shares of all three are positive on Monday's session.
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