888 and Bwin shares soar as US wagering competitors closed
18 April 2011
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Shares in London-listed online betting firms rose after some huge poker sites in the US were shut for supposed illegal activity.
At the close of trading, Bwin were up 30% and 888 up 15% as financiers hypothesized that the US closures would enhance their operations.
On Friday, 11 individuals linked to 3 major poker websites were charged with offenses, consisting of scams.
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The US probe includes 3 websites: Full Tilt, PokerStars, and Absolute Poker.
Federal US authorities implicated the three online poker sites of manipulating banks to process billion of dollars in unlawful revenue.
According to Execution Noble analyst Geetanjali Sharma: "The closure of the primary competitors' operations and the US legal proceedings started versus them ought to benefit European listed operators."
Playtech, another video gaming site, also saw its shares jump 11%.
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'Criminal fraud scheme'
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Prosecutors in New York City City on Friday said they had provided restraining orders versus more than 75 savings account in 14 countries utilized by the poker companies.
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US Attorney Preet Bharara stated the yohaig code websites "concocted a fancy criminal fraud plan, at the same time deceiving some US banks and effectively paying off others to ensure the ongoing circulation of billions in illegal gambling earnings".
The indictment stated the 3 gambling sites did not abide by the US Unlawful Internet Gambling Enforcement Act, established in October 2006.
The law makes it unlawful for gambling services to accept most forms of payment from people associated with gaming.
The indictment sought $3bn (₤ 1.8 bn) in money laundering penalties and forfeiture from the sites.
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The authorities stated Absolute Poker had actually said quickly after the law was enacted that the US Congress had no control over the company's payment deals.
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PokerStars published a statement to its players on Saturday, stating it had to suspend genuine cash play for clients based in the US.
"Please be ensured gamer balances are safe. There is no cause for concern," the company said.
"For all customers outside the US, it is company as usual."
A message posted on the PokerStars.com site by the FBI stated the firm had seized the domain name in connection with the investigation.
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888 and Bwin Shares Soar as United States Betting Rivals Closed
basillaguerre edited this page 2025-10-18 06:55:12 +00:00