Zynga applies for Nevada gambling license to bring real-money gambling online

Back in July, Zynga CEO Mark Pincus announced that the company was pursuing a gambling license in Nevada that would see Zynga offering real-money gambling games online. The company made its first move yesterday by filing the initial application with the Nevada Gaming Control Board. Previously, Zynga only allowed betting with virtual currency in games like Zynga Poker.

Now, the only thing left to do is wait for the board to make a decision on whether Zynga will be allowed to hold a gaming license in the state or not. According to the Wall Street Journal, the Nevada Gaming Control Board will make its decision sometime in 12 to 18 months from now, and even if the decision passes, Zynga will most likely have to go through more approval processes.

Currently, Zynga Poker allows players to use real money to buy extra chips, but players are only able to cash out with virtual currency. Zynga has long been interested in offering real money games to players, but obviously, legal hurdles in the United States have led to delays. Even while Zynga is making progress with the approval process, it'll still take at least a year before they receive a decision from the board.

At this point, Zynga seems to be scrambling for new revenue streams. The game developer's stock tumbled to a new all-time low, and the company lost $52 million during the third quarter that ended on September 30. The company has announced major layoffs and even completely shut down some of their studios, and ended several of its games.

[via The Wall Street Journal]