888 And Bwin Shares Soar As US Betting Rivals Closed
888 and Bwin shares soar as US betting competitors closed
18 April 2011
Shares in London-listed online wagering firms surged after some big 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 improve their operations.
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On Friday, 11 individuals linked to three major poker websites were charged with offenses, consisting of scams.
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The US probe includes three sites: Full Tilt, PokerStars, and Absolute Poker.
Federal US authorities accused the 3 online poker websites of controling banks to process billion of dollars in unlawful profits.
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According to Execution Noble expert Geetanjali Sharma: "The closure of the primary competitors' operations and the US legal procedures initiated against them ought to benefit European listed operators."
Playtech, another video gaming site, likewise saw its shares leap 11%.
'Criminal scams plan'
Prosecutors in New York City City on Friday stated they had actually released restraining orders versus more than 75 savings account in 14 countries used by the poker business.
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US Attorney Preet Bharara said the yohaig code websites "prepared a sophisticated criminal fraud scheme, alternately fooling some US banks and effectively paying off others to assure the ongoing circulation of billions in prohibited gaming earnings".
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The indictment said the 3 betting sites did not comply with the US Unlawful Internet Gambling Enforcement Act, developed in October 2006.
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The law makes it illegal for gambling businesses to accept most types of payment from individuals associated with illegal internet gambling.
The indictment sought $3bn (₤ 1.8 bn) in money laundering penalties and loss from the websites.
The authorities stated Absolute Poker had said shortly after the law was enacted that the US Congress had no control over the company's payment transactions.
PokerStars published a declaration to its gamers on Saturday, stating it needed to suspend genuine money play for clients based in the US.
"Please be ensured player balances are safe. There is no cause for concern," the company stated.
"For all consumers outside the US, it is service as normal."
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A message published on the PokerStars.com by the FBI stated the company had taken the domain in connection with the investigation.
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