888 and Bwin shares soar as US betting rivals closed

18 April 2011
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Shares in London-listed online betting firms rose after some huge poker sites in the US were shut for supposed unlawful activity.
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At the close of trading, Bwin were up 30% and 888 up 15% as financiers hypothesized that the US closures would increase their operations.

On Friday, 11 individuals linked to 3 significant poker sites were charged with offenses, consisting of fraud.

The US probe involves 3 sites: Full Tilt, PokerStars, and Absolute Poker.

Federal US authorities accused the 3 online poker websites of banks to process billion of dollars in illegal revenue.

According to Execution Noble analyst Geetanjali Sharma: "The closure of the main competitors' operations and the US legal procedures initiated versus them should benefit European listed operators."
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Playtech, another video gaming site, also saw its shares leap 11%.
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'Criminal scams plan'
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Prosecutors in New York City on Friday stated they had actually provided limiting orders versus more than 75 savings account in 14 countries used by the poker business.
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US Attorney Preet Bharara stated the websites "created an elaborate criminal fraud scheme, at the same time fooling some US banks and efficiently paying off others to assure the ongoing flow of billions in illegal betting revenues".

The indictment stated the three betting sites did not adhere to the US Unlawful Internet Gambling Enforcement Act, developed in October 2006.

The law makes it prohibited for gambling services to accept most forms of payment from people associated with illegal internet betting.
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The indictment sought $3bn (₤ 1.8 bn) in money laundering penalties and forfeit from the sites.
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The authorities stated Absolute Poker had actually said quickly after the law was enacted that the US Congress had no control over the company's payment transactions.

PokerStars published a statement to its gamers on Saturday, saying it needed to suspend genuine money play for consumers based in the yohaig code US.

"Please be ensured player balances are safe. There is no cause for issue," the business said.

"For all clients outside the US, it is business as usual."
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A message posted on the PokerStars.com site by the FBI stated the agency had seized the yohaig code domain in connection with the investigation.

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