The online poker gold rush

Commentary: Gambling is America’s favorite tax
By Brett Arends, MarketWatch

LONDON (MarketWatch) — The news over the holiday weekend is that the Obama administration may be moving towards legalizing online poker.

An opinion by the Justice Department’s Office of Legal Counsel, written in September but only published on Friday, may open the door to online poker once again. It argues that the federal Wire Act may only prohibit betting on things like sporting events.

Poker has been subject to a crackdown since President George Bush signed the Unlawful Internet Gambling Enforcement Act in 2006.

If this is reversed, investors can expect a gold rush into online poker companies. To cut to the chase, one of the stocks to watch is Bwin.Party Digital Entertainment UK:BPTY +3.14% , traded in London. It is a market leader overseas, has a clean balance sheet, strong profits, and a joint venture ready to go with two big U.S. companies.

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