888-and-bwin-shares-soar-as-united-states-betting-rivals-closed

888 and Bwin shares soar as US wagering rivals closed
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18 April 2011

Shares in London-listed online betting firms surged after some big poker websites in the US were shut for alleged prohibited activity.

At the close of trading, Bwin were up 30% and 888 up 15% as investors hypothesized that the US closures would boost their operations.
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On Friday, 11 individuals connected to 3 major poker websites were charged with offences, including scams.
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The US probe involves 3 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 prohibited profits.

According to Execution Noble analyst Geetanjali Sharma: "The closure of the main rivals' operations and the US legal procedures started against them ought to benefit European listed operators."
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Playtech, another gaming website, also saw its shares jump 11%.
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'Criminal scams plan'

Prosecutors in New York City on Friday stated they had actually issued restraining orders against more than 75 bank accounts in 14 nations utilized by the poker companies.

US Attorney Preet Bharara stated the sites "prepared an intricate criminal scams scheme, alternately fooling some US banks and efficiently bribing others to ensure the continued circulation of billions in prohibited gaming earnings".
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The indictment stated the three gambling sites did not follow the US Unlawful Internet Gambling Enforcement Act, developed in October 2006.
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The law makes it illegal for betting services to accept most forms of payment from individuals included in unlawful web gaming.

The indictment sought $3bn (₤ 1.8 bn) in cash laundering penalties and loss from the websites.
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The authorities stated Absolute Poker had actually said soon after the law was enacted that the US Congress had no control over the company's payment deals.

PokerStars posted a statement to its gamers on Saturday, stating it needed to suspend genuine money play for clients based in the US.

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

"For all customers outside the US, it is service as normal."
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A message published on the PokerStars.com website by the FBI stated the company had seized the domain in with the investigation.

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