Hope for Online Gaming? (PTEK, CRYP)

Nevada gaming regulators are prepared to revisit the issue of online gaming, that news is sending shares of PokerTek Inc. (NASDAQ:PTEK) up 10% and CryptoLogic Limited (NASDAQ:CRYP) up 26% today.

PokerTek Inc (PTEK) shares have traded between $0.37 and $1.63 over the past 12 months.  PTEK shares are trading at 75 cents, up 10.31% or 7 cents and volume is currently at 72,026 shares traded.

Over the past 12 months Cryptologic Inc (CRYP) shares have traded between $1.06 and its 52-week high of $4.69.  CRYP shares are trading at $1.58, up 26.4% or 33 cents and volume is currently at 1,503,836 shares traded.

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Here's the reason for the move -- (http://www.lvrj.com) Nevada gaming regulators are prepared to revisit the issue of online gaming within the state should efforts to overturn federal laws prohibiting Internet poker be successful, the state's top gaming industry regulator said Monday.

"We do have a statute in Nevada that would allow for online gambling," Nevada Gaming Control Board Chairman Dennis Neilander said. "It's something we've given quite a lot of thought to over the years."

In 2001, Nevada passed legislation that allowed the Nevada Gaming Commission, working with the Control Board, to adopt regulations governing the licensing and operation of online gaming in the state.

Neilander said there were three issues the state law needed to answer before it could be implemented, though, including if online gaming could be done in compliance with all federal laws.

"We could never meet that criteria, so we didn't move forward," said Neilander.

KEEP READING -- http://www.lvrj.com/business/state-regulators-ready-to-revisit-online-gaming-111416414.html