1 888 and Bwin Shares Soar as US Betting Rivals Closed
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888 and Bwin shares soar as US wagering rivals closed

18 April 2011

Shares in London-listed online wagering firms rose after some huge poker websites in the US were shut for alleged unlawful activity.

At the close of trading, Bwin were up 30% and 888 up 15% as financiers speculated that the US closures would boost their operations.

On Friday, 11 individuals connected to three 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.

US authorities implicated the 3 online poker sites of manipulating banks to process billion of dollars in unlawful earnings.
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According to Execution Noble expert Geetanjali Sharma: "The closure of the main rivals' operations and the US legal procedures started versus them should benefit European noted operators."
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Playtech, another video gaming website, likewise saw its shares jump 11%.
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'Criminal scams scheme'
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Prosecutors in New York City City on Friday said they had actually released limiting orders against more than 75 bank accounts in 14 countries used by the poker companies.

US Attorney Preet Bharara said the sites "concocted an elaborate criminal scams scheme, at the same time deceiving some US banks and efficiently paying off others to assure the ongoing flow of billions in illegal gambling earnings".

The indictment said the 3 betting sites did not adhere to the US Unlawful Internet Gambling Enforcement Act, developed in October 2006.
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The law makes it prohibited for gambling companies to accept most types of payment from people associated with unlawful internet betting.
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The indictment looked for $3bn (₤ 1.8 bn) in money laundering penalties and forfeit from the sites.

The 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.
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PokerStars posted a statement to its gamers on Saturday, saying it needed to suspend genuine cash play for consumers based in the US.

"Please be ensured gamer balances are safe. There is no cause for issue," the company stated.
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"For all customers outside the US, it is service as typical."

A message published on the PokerStars.com site by the FBI said the company had taken the domain in connection with the examination.

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