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888 Holdings ranked among the biggest moving shocks on Thursday in the wake of a US Justice Department decision whereby the Wire Act will no longer be applied to online poker. The new stance opens the door for individual US states to begin legalizing Web card rooms. 888 Holdings currently operates the world’s 4th largest online poker site and has entered into a partnership agreement with Caesars Entertainment. The state of Nevada has already approved intrastate Web poker.
888 saw its shares rise 4.15 percent by 4 pm Thursday and was now listed at 40.88.
Broker Panmure Gordon upped its target price for 888 shares to 63p from 60p and kept its buy stance this week.
The broker noted that the DOJ change of position would remove any legal risk from operating pre-UIGEA. The Unlawful Internet Gaming Enforcement Act effectively made it illegal for online betting firms to process funds for US gamblers.
More Overnight Gambling Headlines for Friday December 30, 2011
Aristotle Applies for Nevada Online Poker License, Applauds DOJ Decision -
ID and age verification solution Aristotle is the latest to apply for an online poker license in the state of Nevada.
Aristotle's “Integrity”system is used on secure sites world-wide to legally authorize online adult users, making the sites a safe gaming ground for the public and protecting the site operators and their brands.
The company applauded the DOJ decision to no longer apply the Wire Act to online poker.
"Aristotle applauds this important clarification as long overdue. We believe it will bolster legitimate internet gaming industry operators and give cash-strapped states the option to create online lotteries that will generate tax revenues," said Aristotle CEO John Aristotle Phillips.
Aristotle would act as a support platform to the online poker industry in the US.
Mohegan Sun Casinos in Default?
Mohegan Tribal Gaming Authority, the operator of Mohegan Sun casinos in Connecticut and Pennsylvania, said it has yet to reach an agreement to refinance $811 million in debt, raising the risk of being unable to continue operating. Read More Here>>>>
Legalizing Online Poker in California a Contentious Debate
Legalizing online poker and perhaps other forms of gambling as a way to bring more revenue to the state is shaping up as one of the more contentious legislative questions for 2012.
"I'm not a huge fan, but if there really is the potential for hundreds of millions of dollars for education, higher education, health care, then I'm open to it," said Senate President Pro Tem Darrell Steinberg, D-Sacramento. Read More Here>>>>
- Gilbert Horowitz, Gambling911.com
