Zynga drops U.S. online gambling plans


Tuesday, July 30th 2013

zynga

NEW YORK (CNNMoney)
Zynga is dropping plans to pursue a license for online gambling in the United States, sending the company’s shares sharply lower.
Chief Operations Officer David Ko told investors on a conference call late Thursday that Zynga would continue its online gambling efforts in the United Kingdom, but that it was”making the focus choice” not to pursue it for the United States.

The company, which is best known for the online social media game FarmVille, announced in December that it had filed an application for a gaming license in Nevada. It also has been offering online gambling in the U.K. since April.
Shares of Zynga (ZNGA) had been up 50% since the announcement of the Nevada license application through Thursday’s close. But the stock plunged 17% in early trading Friday.

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