The recent decision of the U.S. Department of Justice concluding that the 1961 Wire Act applies only to sports betting and not to online poker and other internet wagering has caused a sharp increase in the stocks of European online gaming companies.

William Hill, Ladbrokes, 888 Holdings and Bwin.party, all European companies that operate online poker rooms that are among the best poker sites in the industry today, each saw a considerable rise in stock prices when trading re-opened following the Christmas Holiday.

William Hill enjoyed a 2.91% increase, closing Wednesday’s trading at $194.19. Ladbrokes stocks saw a similar rise at 2.66% as investors snatched up shares which are now priced at $126.07.

Bwin.party and 888 Holdings, who have both partnered with U.S. land-based casinos earlier this year in an effort to position themselves to re-enter the American online poker market when regulations are put in place by U.S. lawmakers, saw even greater gains in company share prices. Bwin.party stock shot up a whopping 23%, up $23.69, to close the day’s trading at $156.69. A nine percent gain was enjoyed by 888 Holdings, whose share value now stands at $39.25.

Bwin.party, operators of PartyPoker, has forged an agreement with MGM Resorts International and Boyd Gaming Corp. to provide online poker on American soil pending legislation that has been discussed and debated in Congressional hearings in Oct. and Nov. Likewise, 888 Holdings, as the parent company of 888 Poker, has teamed with Caesars Entertainment in a similar deal.

Analysts believe that the U.S. gaming market is the top internet gambling market worldwide. As such, European gaming companies eagerly want a piece of the action. And investors apparently believe that online poker in the U.S. will eventually become legalized, as was reflected by the gobbling up of shares of European gaming companies, especially those with ties to the U.S. marketplace.