According to new bills in favor of legalizing online gambling, although federal votes due in late april in Congress, Traders and investors have started looking in to small cap online gambling stocks to play this news. Below are some names which might get a spike in stock prices.
Elray Resources (OTC:ELRA), now operating under the Elray Gaming name, operates online gaming platforms on the international stage. The Company recently conducted a reverse merger and has been in strict compliance with current US gaming laws, thus should be well positioned if any bills pass to legalize online gambling in the United States. company's stock was last traded at around $0.025 per share, and is currently attempting to break through its 200-day moving average.
Caribbean Casino and Gaming Corp. (PINK: CGAQ) is the owner and operator of the Sosua Bay Grand Casino, Afterone Disco, the Luperon Bay and Galactica Disco. The corporation is focused on becoming a leader in the Caribbean for gaming and entertainment, including live betting from cameras located above tables within the Sosua Bay Grand Casino. CGAQ's stock was last traded at around $0.013 per share, and just broke through its 50-day moving average.
Atlantis Internet Grp(PINK: ATIG) is currently in negotiations with Tribes from coast to coast who are seeking to take advantage of the UIGEA exemption for Internet Gaming on Indian Lands. With its headquarters located in Las Vegas, ATIG is also strategically located to supply the ever changing gaming market with server based technologies in both the Commercial and the Indian Casino markets.ATIG's stock was last traded at around $0.0011 per share, and is currently breaking through its 50-day moving average as well.
A bipartisan bill is now under way in Congress to allow online poker, blackjack and other games and due in late April.
There are a number of states currently considering the legalization of online gaming, and these states include Iowa (SSB 1165), Florida (SB812 - Internet Poker), California (SB40 - Internet Poker and SB 45 - Internet Gambling), Nevada (AB 258), and New Jersey (S490).
Another reason that bill will get favorable response in Congress is because of States budget deficits, which might get moderate, if they can increase tax revenue by allowing online gambling legally.
Due to the pending legislations, it will be possible to see some positive movements in the stocks mentioned above as traders and investors will start putting their bets and we will see an upward swing in online gaming stocks like ELRA, CGAQ, and ATIG. Be watchful and keep a track of above penny picks which might help to get good returns in coming months.
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