Cryptologic Ltd. Shares Rise Due to Online Gambling Optimism
While all casino gaming stocks in the US plummet, one began a very steep ascent today. That stock is Cryptologic Limited. Why are investors so optimistic all of a sudden? Because news came out today that Barney Frank, US House Financial Committee Chairman, will reintroduce an online gambling regulation bill, and with the new administration in favor of liberating the Internet, chances of the bill passing are good.
Cryptologic (CRYP: 1.75 0.00%), an online casino software developer, would be one of the most desired developers for prospective online casino owners because they have the most sophisticated software – and since they left the US market the day the UIGEA was passed they are in a good position with the US government to easily re-enter the US market when the market re-opens.
Cryptologic was also upgraded today by Roth Capital and picked as one of the 10 stocks to ‘Shake the Market’ by Motley Fool.
As a result, investors earned more than 30% via end of the day trading. In May of 2008 Cryptologic was trading in the $20 range. For the past few months they have been below $5 per share. Investors may be looking to get in early on a stock that could many analysts think could prove to be a great buy at this price.
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