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European Online Gambling Stocks Soar On Wednesday

On Wednesday, the reverberation of the US Department of Justice's decision to reverse their stance on the 1961 Wire Act reached Europe. Investors moved swiftly to gobble up shares of European online gambling companies poised to make their entrance into the US market.

Millions of gamblers received good news on Christmas Day when the Department of Justice issued a legal opinion which stated that the Wire Act's sole intention was to stop sports betting through telecommunications. That interpretation allows states to now craft laws that will allow online lottery sales, and gambling on games such as poker, blackjack, roulette, and craps, as well as online slots.

Foreign companies have been positioning themselves this past year to re-enter the US market, which analyst believe is the top online gaming market in the world. Companies such as 888 Holdings, PokerStars, and Bwin.party have entered into partnerships with US-based gaming companies with the hope of securing online licenses in the US when they became available.

On Wednesday, stock prices of these European companies soared. Bwin.party stock rose twenty-three percent. Bwin has deals in place to operate online casinos for both MGM Resorts and Boyd Gaming. Stock prices of Boyd and MGM were also up in the two days since the DoJ opinion was announced.

Caesars Entertainment has partnered with 888 Holdings, and has already launched online casinos in jurisdictions where online gambling is regulated. 888 Holdings stock was up nine percent on Wednesday. Bwin stock closed at $156.69, up $26.39, while 888 stock closed the day at $39.25.

Cryptologic, a technology developer for online casino games, had their stock rise $15, to $150 a share. That represented a rise of over eleven percent.

Ladbrokes and William Hill, the two top performing gaming stocks in Europe, were up 2.66%, and 2.91%, respectively. Ladbrokes finished the trading day at $126.07, while William Hill closed at $194.19.

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