1 888 and Bwin Shares Soar as United States Betting Rivals Closed
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888 and Bwin shares skyrocket as US betting rivals closed
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18 April 2011
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Shares in London-listed online wagering firms surged after some huge 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 their operations.

On Friday, 11 individuals linked to three significant poker websites were charged with offenses, consisting of scams.

The US probe includes three 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 unlawful earnings.

According to Execution Noble expert Geetanjali Sharma: "The closure of the primary rivals' operations and the US legal proceedings initiated versus them ought to benefit European listed operators."

Playtech, another gaming site, also saw its shares jump 11%.
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'Criminal fraud scheme'

Prosecutors in New York City on Friday said they had actually provided restraining orders against more than 75 savings account in 14 countries used by the poker business.
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US Attorney Preet Bharara stated the sites "prepared a fancy criminal fraud plan, alternately fooling some US banks and effectively bribing others to guarantee the ongoing circulation of billions in illegal gambling profits".
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The indictment said the three betting websites did not abide by the US Unlawful Internet Gambling Enforcement Act, established in October 2006.
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The law makes it unlawful for gambling services to accept most forms of payment from people involved in illegal web gaming.
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The indictment looked for $3bn (₤ 1.8 bn) in cash laundering charges and forfeiture from the sites.

The authorities said Absolute Poker had stated quickly after the law was enacted that the US Congress had no control over the company's payment transactions.

PokerStars posted a statement to its gamers on Saturday, saying it needed to suspend real money play for clients based in the US.
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"Please be assured gamer balances are safe. There is no cause for concern," the business stated.

"For all consumers outside the US, it is service as typical."
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A message published on the PokerStars.com website by the FBI stated the agency had actually taken the domain name in connection with the yohaig code investigation.

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