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Online Poker Bill Could Send ELRA Stock Higher (ELRA BYD MGM)
By: staff
reporter, John Bodger
Last Updated: November 08, 2011 - 9:25am EST
(NEW YORK) --An online poker bill out of the
US Congress could send Elray Gaming, Inc,
an online gaming company which is traded under the name Elray Resources, Inc (OTC:ELRA),
higher as investors seek out plays that could benefit from any
change in US gaming laws.
Ludlow Capital, a small cap equity research firm based in New
York City, issued a note to their clients over the weekend that ELRA may be
positioned to experience some strong upside potential on any
word that the US Congress will take up an online poker bill to
legalize online gambling.
With the US Congressional 'Super Committee' set to release their
plan for budget cuts, and additional tax revenues, the prospects
for changes in current online gambling laws have increased with
support for such changes now being supported on both Democrats
and Republican sides.
ELRA Opens US Office
In March
2011, ELRA announced it had established of a U.S. office for
its online gaming division, Elray Gaming, in preparation for
potential changes to U.S. gaming laws. This move by ELRA comes
months in advance to the news that MGM Resorts International
(NYSE:MGM)
and Boyd Gaming Corp. (NYSE:BYD),
also in preparation for the U.S. to legalize online poker,
agreed to form a venture with the biggest listed Internet
gambling company, Bwin.Party Digital Entertainment Plc. This
just shows that the online gaming market sees some sort of
changes in US gaming laws on the horizon.
Entry into Forex Trading
Elray Gaming, a pure play online gambling turn-key stock, is
also expanding its online gaming portfolio to
now cover online Forex trading under its international
footprint. In addition to its online casinos, and poker
websites, Elray Gaming will expand its operations into currency
trading, which trades around $4 trillion each day world-wide.
As currencies fluctuate wildly on news out of Europe, US, and
Japan, traders are finding big gains trading through the Forex
market, and Elray Gaming will explore how to harvest this
growing market. Areas to be explored are online Forex trading,
turn-key platform solutions, and managed Forex accounts for
institutional investors.
Mobile Apps and Social Networking
In addition, the Company is expected to develop, and or acquire,
a basket of mobile applications and social networking sites
focused on gaming, and fantasy sports area to broaden their
investment portfolio. Information on these new ventures are
expected to be released from the company in the coming weeks.US Online Poker Bill
With the US 'Super Committee' set to release their plan later
this month,
the prospects of a possible bill to legalize online poker has
increased. By legalizing and regulating online poker the
committee would be able to use those additional tax revenues for
their planned budget cuts. Since online
poker would be a new industry, the Republicans would still be
able to say they have stuck to their plan to not to raise taxes,
as this would be the creation and tax of a whole new industry. This could position Elray Gaming well with their now offline
Nuts Poker (www.nutspoker.com)
to take some market share of this expected large regulated
market.
Ludlow Capital did not issue a valuation target on ELRA, but did
place it on its recommended traders list as potential mover on
news out of the US Congress. ELRA was last traded at a price of
$0.007 per share.
About Elray Gaming
Elray is an established Global
Online Gaming entity which owns and licenses Gaming Intellectual
Property, Gaming Domains, Trademarks and Player Databases.
Operations are headquartered in Curacao, Netherland Antilles and
maintain offices, representatives and support facilities in the
United States, United Kingdom, Australia, South Africa,
Mauritius, Israel and the Philippines. Elray's business model is
to offer Internet Gaming Products to non-US players in
jurisdictions where online gaming is permitted. www.elraygaming.com
To receive updates on pending time and dates on the above
schedule company guests please register to our newsletter online
at www.wallstreetnewscast.com/form/newsletter.html
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Wall Street Newscast
Email: info@wallstreetnewscast.com
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Safe
Harbor Statements:
This
research report includes statements that may constitute
forward-looking statements made pursuant to the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Although the Company believes that the expectations
reflected in such forward-looking statements are based on
reasonable assumptions, such statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those projected.
Disclaimer:
This is NOT a solicitation to Buy or Sell any security, but rather
is for informational purposes only. Content contained herein
includes facts, views, opinions and recommendations of individuals
and organizations deemed of interest. Wall Street Newscast ("WSNC")
does not guarantee the accuracy, completeness or timeliness of, or
otherwise endorse these views, opinions or recommendations, or
give investment advice. WSNC, its affiliates, or directors, may or
may not hold a position in the above security from time to time,
and investors are encourage to consider this as a possible
conflict of interest when reviewing this information. In
Compliance with SEC Rule 17B Wall Street Newscast was compensated six hundred thousand shares of ELRA from third
party for ongoing research and media coverage. WSNC may hold a position
in above securities from time to time, and
thus should be considered a possible conflict of interest when
reviewing this report and information. These investments may
involve a high degree of risk, thus investors are highly
encouraged to consult with a financial advisor before any and all
investments.
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