Why Amaya.Inc Shares are Surging
Amaya's flagship poker brands Poker Stars and Full Tilt has received approval to operate in New Jersey from the regulator. The response to this good new Amaya's shares increased by 24% the next day.
It is not usual when a business expands into New Jersey, so it was a surprise for such a dramatic surge.
After the disaster of "Black Friday" for PokerStars and Full Tilt, where they were shut down in 2011. PokerStars bought out Full Tilt, then later sold the whole lot to Amaya for $5 billion.
Investors hoped that the company would bring PokerStart and its partner Full Tilt back to the American Market.
Hoping to Grow
Two other states besides New Jersea, Nevada and Delaware have also legalized online gambling, so they will be the next targets for Amaya, PokerStars were shut out, but Amaya are hopeful that the two states will be receptive as they are in New Jersey now that Amaya have bought them out. There are also several other states that are considering legalizing gambling, which could mean more opportunities to do business