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888 and Bwin shares soar as US betting competitors closed
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18 April 2011
Shares in London-listed online betting companies surged after some huge poker sites in the US were shut for alleged illegal activity.
At the close of trading, Bwin were up 30% and 888 up 15% as investors speculated that the yohaig code US closures would enhance their operations.
On Friday, 11 people connected to three major poker websites were charged with offenses, consisting of scams.
The US probe includes three websites: Full Tilt, PokerStars, and Absolute Poker.
Federal US authorities implicated the 3 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 procedures started against them must benefit European listed operators."
Playtech, another video gaming site, likewise saw its shares jump 11%.
'Criminal scams plan'
Prosecutors in New York City on Friday stated 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 sites "prepared an intricate criminal scams plan, alternately deceiving some US banks and successfully bribing others to ensure the continued flow of billions in illegal gaming earnings".
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The indictment said the three betting sites did not comply with the US Unlawful Internet Gambling Enforcement Act, established in October 2006.
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The law makes it unlawful for betting businesses to accept most kinds of payment from people involved in illegal internet gambling.
The indictment looked for $3bn (₤ 1.8 bn) in money laundering penalties and loss from the websites.
The authorities said Absolute Poker had said soon after the law was enacted that the US Congress had no control over the business's payment deals.
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PokerStars posted a declaration to its gamers on Saturday, stating it had to suspend genuine money play for customers based in the US.
"Please be guaranteed gamer balances are safe. There is no cause for concern," the business said.
"For all clients outside the US, it is organization as typical."
A message published on the PokerStars.com site by the FBI said the company had taken the domain in connection with the examination.
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888 and Bwin Shares Soar as United States Betting Rivals Closed
corameyer1052 edited this page 2025-10-18 20:39:59 +08:00