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888 and Bwin shares skyrocket as US betting competitors closed
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18 April 2011
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Shares in London-listed online wagering companies rose after some huge poker websites in the US were shut for supposed illegal activity.

At the yohaig code close of trading, Bwin were up 30% and 888 up 15% as financiers hypothesized that the US closures would enhance their operations.

On Friday, 11 individuals linked to 3 significant poker websites were charged with offences, including fraud.

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

Federal US authorities implicated the yohaig code 3 online poker websites of controling banks to process billion of dollars in prohibited income.

According to Execution Noble analyst Geetanjali Sharma: "The closure of the main rivals' operations and the US legal proceedings started versus them need to benefit European listed operators."
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Playtech, another video gaming site, also saw its shares jump 11%.

'Criminal scams plan'

Prosecutors in New York City City on Friday said they had actually released limiting orders against more than 75 savings account in 14 countries used by the poker companies.

US Attorney Preet Bharara stated the sites "concocted an intricate criminal scams plan, at the same time fooling some US banks and efficiently paying off others to ensure the continued circulation of billions in unlawful gaming revenues".

The indictment stated the 3 betting sites did not follow the US Unlawful Internet Gambling Enforcement Act, established in October 2006.
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The law makes it illegal for gambling organizations to accept most forms of payment from individuals associated with unlawful internet gambling.

The indictment sought $3bn (₤ 1.8 bn) in money laundering charges and 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 business's payment deals.

PokerStars published a statement to its gamers on Saturday, saying it had to suspend real cash play for consumers based in the US.

"Please be guaranteed gamer balances are safe. There is no cause for concern," the business said.

"For all consumers outside the US, it is organization as usual."

A message published on the yohaig code PokerStars.com website by the FBI said the agency had seized the domain name in connection with the examination.
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