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888 and Bwin shares soar as US betting rivals closed
18 April 2011
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Shares in London-listed online wagering firms rose after some huge poker websites in the US were shut for alleged unlawful 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 linked to three major poker sites were charged with offences, including fraud.
The US probe involves three sites: Full Tilt, PokerStars, and Absolute Poker.
Federal US authorities implicated the three online poker sites of manipulating banks to process billion of dollars in illegal profits.
According to Execution Noble expert Geetanjali Sharma: "The closure of the main competitors' operations and the US legal proceedings started versus them must benefit European listed operators."
Playtech, another video gaming site, likewise saw its shares jump 11%.
'Criminal fraud plan'
Prosecutors in New York City City on Friday stated they had released restraining orders versus more than 75 checking account in 14 nations used by the poker companies.
US Attorney Preet Bharara stated the sites "concocted a fancy criminal fraud plan, alternately tricking some US banks and effectively paying off others to guarantee the continued flow of billions in unlawful gaming revenues".
The indictment said the three gambling sites did not comply with the US Unlawful Internet Gambling Enforcement Act, established in October 2006.
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The law makes it illegal for betting companies to accept most kinds of payment from people associated with unlawful web betting.
The indictment sought $3bn (₤ 1.8 bn) in cash laundering charges and loss from the sites.
the yohaig code authorities stated Absolute Poker had actually stated shortly after the law was enacted that the US Congress had no control over the yohaig code company's payment transactions.
PokerStars posted a declaration to its players on Saturday, saying it had to suspend real cash play for clients based in the US.
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"Please be ensured player balances are safe. There is no cause for concern," the company said.
"For all consumers outside the US, it is organization as typical."
A message published on the PokerStars.com website by the FBI said the agency had actually taken the domain name in connection with the .
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888 and Bwin Shares Soar as United States Betting Rivals Closed
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