PainterPoker (< 20)

PokerTek (PTEK) Legal card rooms in markets that were previously off limits.

January 28, 2011 – Comments (0) | RELATED TICKERS: MGAM , SHFL

Table counts at record levels.  I like this company because it brings texas holdem to those who were previously underserved and neglected because of contested laws.  Now, with PokerTek's electronic poker tables, even areas like Madison that fought tooth and nail to keep poker out of the city can finally find a game.

Electronic poker tables are currently considered class II games which means they are legal to set up in a bingo hall.  Live poker with a dealer and chips is considered class III and is illegal.  That's what Dejope in Madison was, a bingo hall, now it's closer to a casino and they changed the name to Ho-Chunk Madison.

The world market is wide open for this kind of gaming system that creatively skirts the law.  And the stock appears to be on the move. 

Any thoughts on this company?

BUSINESS WIRE) Jan. 25: “PokerTek continues to increase its installed base of gaming tables, ending the year at 253, which represents the highest level in PokerTek’s history. This produced increased revenues and an even greater increase in gross margins, driving improved operating results and positive EBITDAS."

(BUSINESS WIRE) Dec. 13: "PokerTek, Inc. (NASDAQ: PTEK) today announced that it has installed eight PokerPro® tables at Ho-Chunk Gaming in Madison, Wisconsin. The property now features Madison’s only full-service poker room in a newly constructed, state-of-the-art setting."