888-and-bwin-shares-soar-as-united-states-betting-rivals-closed

888 and Bwin shares soar as US wagering rivals closed
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18 April 2011
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Shares in London-listed online betting firms rose after some big poker sites in the US were shut for supposed unlawful .

At the close of trading, Bwin were up 30% and 888 up 15% as financiers hypothesized that the US closures would increase their operations.
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On Friday, 11 individuals linked to three major poker websites were charged with offences, including scams.

The US probe includes 3 sites: Full Tilt, PokerStars, and Absolute Poker.
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Federal US authorities implicated the 3 online poker sites of manipulating banks to process billion of dollars in unlawful income.

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

Playtech, another video gaming website, likewise saw its shares leap 11%.

'Criminal scams plan'

Prosecutors in New York City City on Friday said they had actually provided limiting orders against more than 75 checking account in 14 countries utilized by the poker business.

US Attorney Preet Bharara said the yohaig code sites "prepared an elaborate criminal fraud scheme, at the same time deceiving some US banks and efficiently paying off others to guarantee the ongoing circulation of billions in illegal gaming profits".
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The indictment stated the three betting websites did not adhere to the US Unlawful Internet Gambling Enforcement Act, established in October 2006.

The law makes it illegal for betting services to accept most types of payment from people involved in unlawful web betting.

The indictment sought $3bn (₤ 1.8 bn) in cash laundering charges and loss from the sites.
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the yohaig code authorities said Absolute Poker had stated soon after the law was enacted that the US Congress had no control over the business's payment deals.

PokerStars posted a declaration to its players on Saturday, stating it had to suspend real money play for consumers based in the US.

"Please be assured gamer balances are safe. There is no cause for issue," the business stated.

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

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