Stocks To Watch If Nevada Legalizes Online Gaming

Today, Nevada will decide whether or not to allow online poker to become legal. This would be the first state to pass such a measure and could start a domino effect in other states. Currently, millions of people gamble online every day but through outside sources since it is illegal in the United States. Therefore the States and Federal Government are left flat when it comes to taxing these profits. It is said they are missing out on billions in revenue by lack of taxes. When almost all states are facing possible bankruptcy due to huge deficits, it is an obvious course of action to legalize it.

Small cap stocks that could benefit from this course of action will be CryptoLogic Limited (NASDAQ:CRYP) as well as PokerTek, Inc. (NASDAQ:PTEKD) and even possibly GigaMedia Limited (NASDAQ:GIGM).

Origionally, the large casinos like Las Vegas Sands Corp. (NYSE:LVS) and Wynn Resorts, Limited (NASDAQ:WYNN) were against online gaming because they feared it would take massive business away from them. However, since it appears millions do it anyways, they are now realizing that they could get involved and profit from it as well. The key is to regulate it appropriately. If done correctly, not only could States get a boost of revenue from taxes, but also more profits to the casinos.  Watch for the vote later today in Nevada.

About Gareth Soloway 168 Articles


Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial advisor, helping clients get their financial houses in order. While helping others gain financial independence, he continued to study the day trading and swing trading world, developing a unique market philosophy and proprietary methods. Following his work in the financial sector, Gareth went on to trade alongside professional traders. Unable to tolerate the hype of Wall Street any longer and having an amazing ability to profit using his developed techniques, Gareth Soloway decided to partner with his friend and colleague, Nicholas Santiago to form Chief Market Strategist Gareth Soloway serves as the president and CFO of InTheMoneyStocks.Com.

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