Zynga Cuts Losses After Flirtation With Gambling.

 

It turns out that gambling is illegal and the government is not too keen on online gambling.

It is unfortunate, as I was quite curious to see how that strategy would’ve looked in practice.  As of this writing, shares have plummeted over 14% in after hours after rising 6.7% in solid trading gains on the day.

In a totally unrelated note, there twelve Form 4′s filed by Zynga insiders during July leading up to this announcement that were unrelated to Don Mattrick’s hiring as Top Dog.  Of those, eleven were due to transactions under Rule 10b5-1 plans.  Lucky that.

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