Online Gambling In America Sees Bally CEO Spend Big

Published Tuesday, February 12, 2013 - Online-Casinos.com

With a history dating back to 1932, Las Vegas-based Bally Technologies designs, manufactures, operates and distributes advanced gaming devices, systems and technology solutions worldwide. Bally’s product line includes reel-spinning slot machines, video slots, wide-area progressives, and Class II, lottery and central determination games and platforms.

When the Chief Executive Officer of a firm of this scale puts his money on the line you have to ask where the firm is headed. The recent revelation that CEO Ramesh Srinivasan bought 25,000 BYI shares at $47.48 for a total of $1,186,900 has speculators on the move to catch up with the massive purchase that has garnered the owner of those shares a tidy profit already with shares now going for approximately $49.188 only a week later. The speculated high for the same shares is around $58.00 per and the way Bally Technologies is running that may become a reality sooner than later.

The reasoning behind the purchase is obvious what with the online gambling market in the USA becoming more available with the Department of Justice clarification that it is legal to online gamble on everything other than sports. Delaware may allow real money betting as early as September, Nevada very soon and states like Hawaii, Pennsylvania, Massachusetts, New Jersey and others considering online gambling as an available option for punters in those states. There is even the possibility that there will be interstate internet wagering in the works as these states look at hooking up and offering cross state line betting. It looks like, and the CEO of Bally must know something we can only speculate on that the prohibition on internet wagering has come to an end in America.

David O. Stewart at Ropes & Gray law firm commented, "Despite this government opposition, millions of Americans spend $4 billion every year to gamble online. Prosecutions against online gambling operators have driven the more responsible offshore operators out of the U.S. market, leaving Americans to conduct their online gambling through largely unregulated websites."

 

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