Bwin.Party Digital shares have risen 20 percent today to 156p per share as investors see the turmoil in the US legislation as an opportunity for the gaming giant.

Today was the first day that the stock market was open after the US Department of Justice confirmed the legislation that had been used against gaming companies only applied to Sports Betting and not in relation to online poker, bingo and casino games. Investors now see the door wide open towards new laws in the near future allowing gaming companies to target the US markets. Industry experts expect the US government to quickly review legislation to avoid rogue gambling operators posing a risk on problem gamblers. Given the economic problems in the US and the rest of the world law makers are likely to follow other governments in implementing secondary licenses to increase tax revenues.

The legislation in question related to the Wire Act 1961, which had been used to fine and intimate operators on gambling companies. It had been claimed that gambling over states lines by either US based companies in other states or those offshore constituted an illegal act. Payment companies as well as big names such as Google, Yahoo and Microsoft were also sued for significant amounts under the act. Gambling operators paid hundreds of millions of dollars to ensure they were not pursued.

In a legal opinion posted Friday, the Justice Department did an about-turn on its long-held view, saying in a statement that online betting unrelated to sporting events falls outside the reach of federal law. The Department's Office of Legal Counsel has analyzed the scope of the Wire Act, 18 U.S.c § 1084, and concluded that it is limited only to sports betting, USA Deputy Attorney General James Cole wrote Friday.

The Department's legal eagles noted: We conclude that the Criminal Division's premise is incorrect and that the Wire Act prohibits only the transmission of communications related to bets or wagers on sporting events or contests.