Zynga Hires Lobbyists to "Influence Legislation Pertaining To Regulation and Taxation of Internet Gambling"Published on 2012-06-07 02:03:00
According to the Sunlight Foundation Reporting Group, Zynga, Inc. has hired its first Washington lobbyists.
Zynga is a major player in the social gaming space, as they are the publisher of titles such as FarmVille and Words with Friends.
Zynga also owns Texas HoldEm Poker, which, according to Appdata.com, has over 7 million Daily Average Users and 35.1 million Monthly Average Users. The ability to offer real money gaming to these users could obviously have a significant impact on Zynga's bottom line.
Shares of Zynga have struggled mightily since the company went public in December of 2011.
After pricing their shares at $10, Zynga opened for trading at $11 on December 16th, 2011. The stock traded up to a high of $15.91 in the weeks following before plummeting back to earth.
Shares of Zynga are currently trading at $6.14.
Positive news on the online gaming regulation front in the United States would surely be a boon to Zynga's share price, which is why it's not surprising to hear that the company has hired two lobbying firms.
Source: Sunlight Foundation Reporting Group - Zynga Places Bet on Lobbyists, Hires Two D.C. Firms
Filed Under: Random Poker News