Stockmasters reports that World Poker Tour Enterprises shares have declined dramatically, dropping to 35 cents from a peak value of around $22 a share.
Analysts speculate that the cause for the decline is the negative impact of the UIGEA on Internet poker, but add a note of hope that a new and more enlightened US administration under President Barak Obama might ameliorate some of the damage by reviewing the UIGEA regulations rushed through as the Bush administration departed under Midnight Rule legalization.
"There are many within the current administration that would like to completely eliminate the UIGEA," claims Stockmaster. "Representative Barney Frank has been pushing for regulation of the online gaming industry in the US. He now has the power in Congress to make such a plan happen.
"Even laws that have been made and are already in place will be reviewed by Obama and his team. He claims that if it is too late to stop the laws, he will ask Congress to start the process to overturn them.
"If the UIGEA is repealed, you can bet the WPTE share price will soar. However, if it doesn’t happen, WPTE could be on the chopping block in the near future."