888 And Bwin Shares Soar As US Betting Rivals Closed
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888 and Bwin shares skyrocket as US betting competitors closed
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18 April 2011
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Shares in London-listed online betting companies rose after some huge poker websites in the US were shut for supposed unlawful activity.
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At the yohaig code close of trading, Bwin were up 30% and 888 up 15% as investors speculated that the US closures would improve their operations.
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On Friday, 11 people connected to 3 significant poker sites were charged with offenses, consisting of scams.
The US probe involves three websites: Full Tilt, PokerStars, and Absolute Poker.
Federal US authorities accused the three online poker sites of manipulating banks to process billion of dollars in unlawful revenue.
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According to Execution Noble expert Geetanjali Sharma: "The closure of the yohaig code primary rivals' operations and the yohaig code US legal proceedings started against them should benefit European noted operators."
Playtech, another video gaming website, likewise saw its shares leap 11%.
'Criminal scams plan'
Prosecutors in New York City on Friday stated they had provided restraining orders versus more than 75 checking account in 14 nations used by the poker companies.
US Attorney Preet Bharara stated the websites "created a sophisticated criminal fraud scheme, alternately deceiving some US banks and efficiently paying off others to guarantee the continued flow of billions in unlawful betting earnings".
The indictment stated the yohaig code three gambling websites did not follow the US Unlawful Internet Gambling Enforcement Act, established in October 2006.
The law makes it unlawful for betting organizations to accept most types of payment from individuals associated with unlawful internet gaming.
The indictment looked for $3bn (₤ 1.8 bn) in money laundering penalties and forfeit from the sites.
The authorities said Absolute Poker had said shortly after the law was enacted that the US Congress had no control over the business's payment transactions.
PokerStars published a declaration to its players on Saturday, saying it needed to suspend real money play for clients based in the US.
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"Please be guaranteed gamer balances are safe. There is no cause for issue," the company stated.
"For all consumers outside the US, it is service as typical."
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A message published on the PokerStars.com site by the FBI stated the agency had actually taken the domain in connection with the .
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