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888 and Bwin shares soar as US wagering competitors closed
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18 April 2011
Shares in London-listed online betting companies rose after some big poker websites in the US were shut for activity.
At the close of trading, Bwin were up 30% and 888 up 15% as investors speculated that the US closures would enhance their operations.
On Friday, 11 people linked to 3 significant poker sites were charged with offenses, consisting of scams.
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The US probe involves three websites: Full Tilt, PokerStars, and Absolute Poker.
Federal US authorities implicated the three online poker sites of manipulating banks to process billion of dollars in unlawful income.
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According to Execution Noble analyst Geetanjali Sharma: "The closure of the primary competitors' operations and the US legal procedures started versus them need to benefit European noted operators."
Playtech, another gaming website, likewise saw its shares leap 11%.
'Criminal fraud scheme'
Prosecutors in New York City on Friday said they had issued limiting orders against more than 75 checking account in 14 countries utilized by the poker companies.
US Attorney Preet Bharara stated the websites "created a sophisticated criminal scams plan, at the same time tricking some US banks and effectively paying off others to ensure the ongoing flow of billions in unlawful gaming earnings".
The indictment said the three gambling websites did not abide by the US Unlawful Internet Gambling Enforcement Act, established in October 2006.
The law makes it prohibited for betting organizations to accept most types of payment from people included in illegal web gambling.
The indictment sought $3bn (₤ 1.8 bn) in cash laundering penalties and loss from the websites.
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The authorities said Absolute Poker had actually said soon after the law was enacted that the US Congress had no control over the company's payment transactions.
PokerStars posted a declaration to its players on Saturday, stating it needed to suspend real cash play for clients based in the US.
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"Please be ensured gamer balances are safe. There is no cause for concern," the business stated.
"For all customers outside the US, it is business as normal."
A message published on the PokerStars.com website by the FBI stated the company had taken the domain in connection with the investigation.
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888 and Bwin Shares Soar as United States Betting Rivals Closed
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