888 and Bwin shares skyrocket as US betting competitors closed
18 April 2011
Shares in London-listed online betting companies surged after some huge poker sites in the US were shut for supposed unlawful activity.
At the close of trading, Bwin were up 30% and 888 up 15% as investors hypothesized that the US closures would boost their operations.
On Friday, 11 individuals connected to three major poker websites were charged with offences, consisting of fraud.
The US probe includes 3 websites: Full Tilt, PokerStars, and Absolute Poker.
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Federal US authorities implicated the 3 online poker websites of manipulating banks to process billion of dollars in illegal profits.
According to Execution Noble expert Geetanjali Sharma: "The closure of the main rivals' operations and the US legal procedures started against them ought to benefit European listed operators."
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Playtech, another video gaming website, also saw its shares jump 11%.
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'Criminal scams scheme'
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Prosecutors in New York City on Friday stated they had actually issued restraining orders versus more than 75 bank accounts in 14 nations used by the poker business.
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US Attorney Preet Bharara said the websites "cooked up an intricate criminal fraud plan, alternately deceiving some US banks and effectively paying off others to assure the ongoing flow of billions in prohibited gambling revenues".
The indictment said the three gambling sites did not follow the US Unlawful Internet Gambling Enforcement Act, developed in October 2006.
the yohaig code law makes it unlawful for gambling companies to accept most kinds of payment from individuals involved in unlawful web betting.
The indictment looked for $3bn (₤ 1.8 bn) in money laundering charges and forfeit from the websites.
The authorities said Absolute Poker had stated quickly after the law was enacted that the US Congress had no control over the company's payment deals.
PokerStars posted a declaration to its gamers on Saturday, saying it had to suspend real cash play for in the US.
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"Please be ensured player balances are safe. There is no cause for concern," the company said.
"For all clients outside the US, it is organization as typical."
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A message posted on the PokerStars.com site by the FBI said the agency had actually taken the domain name in connection with the investigation.
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888 and Bwin Shares Soar as US Betting Rivals Closed
uyvmary150917 edited this page 2025-10-22 04:49:11 +00:00