888 and Bwin shares soar as US betting competitors closed

18 April 2011
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Shares in London-listed online betting companies surged after some big poker sites in the US were shut for supposed prohibited activity.
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At the close of trading, Bwin were up 30% and 888 up 15% as investors speculated that the US closures would increase their operations.
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On Friday, 11 individuals connected to 3 significant poker sites were charged with offenses, consisting of scams.
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The US probe involves 3 sites: Full Tilt, PokerStars, and Absolute Poker.
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Federal US authorities implicated the 3 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 proceedings initiated against them ought to benefit European noted operators."

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

'Criminal fraud plan'
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Prosecutors in New York City on Friday stated they had issued restraining orders versus more than 75 savings account in 14 countries utilized by the poker business.
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US Attorney Preet Bharara said the sites "prepared an elaborate criminal scams plan, alternately deceiving some US banks and efficiently paying off others to guarantee the continued flow of billions in unlawful gaming revenues".
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The indictment said the three gambling websites did not comply with the US Unlawful Internet Gambling Enforcement Act, developed in October 2006.

The law makes it unlawful for gambling businesses to accept most types of payment from individuals associated with illegal web betting.

The indictment sought $3bn (₤ 1.8 bn) in cash laundering penalties and forfeit 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 yohaig code company's payment deals.

PokerStars posted a declaration to its players on Saturday, saying it had to suspend genuine money play for clients based in the US.

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

"For all clients outside the US, it is service as normal."

A message posted on the PokerStars.com site by the FBI stated the company had actually taken the domain name in connection with the investigation.

Ladbrokes ends 888 talks

15 April 2011
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US specifies gamble on online poker

25 March 2011
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