California Online Poker Bill Fails: PartyGaming Falls

PartyGaming shares fell by 3 percent as California delays a much hyped online poker bill

PartyGaming shares tumbled by 3 percent on news that California will put off a piece of legislation seeking to make online poker legal in that state.

Opponents of the bill included the Morongo Band of Mission Indians and card clubs, who claims the vast majority of business would go to online card rooms such as Party.
PartyGaming is down 7.7p at 222.4p following the news.

Bill 1853 was authored by Sen. Roderick Wright, D-Inglewood.

"The good thing about urgency bills is you can continue to amend them,'' said Wright, who chairs the committee that oversees gaming.

"I will prevail on the leadership of this building to try to move something; if we don't, we'll start again in the next session."

The deadline for bills to pass out of policy committees is Friday, however, passage may be tough with the Independence Day holiday this weekend.

Ace King, Gambling911.com