888 and Bwin shares skyrocket as US betting rivals closed

18 April 2011

Shares in London-listed online betting firms rose after some big poker sites in the yohaig code US were shut for alleged unlawful activity.

At the close of trading, Bwin were up 30% and 888 up 15% as financiers hypothesized that the US closures would improve their operations.

On Friday, 11 people linked to three major poker websites were charged with offenses, including scams.

The US probe includes 3 sites: Full Tilt, PokerStars, and Absolute Poker.

Federal US authorities implicated the yohaig code three online poker sites of manipulating banks to process billion of dollars in prohibited earnings.

According to Execution Noble expert Geetanjali Sharma: "The closure of the primary rivals' operations and the US legal procedures started versus them must benefit European listed operators."

Playtech, another video gaming site, also saw its shares leap 11%.

'Criminal scams scheme'

Prosecutors in New York City on Friday said they had released limiting orders versus more than 75 savings account in 14 countries utilized by the poker business.

US Attorney Preet Bharara stated the sites "created a fancy criminal scams plan, alternately fooling some US banks and efficiently bribing others to ensure the ongoing circulation of billions in prohibited gaming earnings".

The indictment stated the 3 betting sites did not follow the US Unlawful Internet Gambling Enforcement Act, developed in October 2006.

The law makes it prohibited for betting organizations to accept most kinds of payment from individuals included in illegal internet gaming.

The indictment looked for $3bn (₤ 1.8 bn) in money laundering penalties and forfeiture from the sites.

The authorities said Absolute Poker had actually stated quickly after the law was enacted that the US Congress had no control over the business's payment deals.

PokerStars posted a statement to its gamers on Saturday, stating it had to suspend real money play for consumers based in the US.

"Please be guaranteed gamer balances are safe. There is no cause for concern," the company said.

"For all customers outside the US, it is organization as usual."

A message published on the yohaig code PokerStars.com site by the FBI said the company had taken the domain name in connection with the investigation.

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