888 and Bwin shares skyrocket as US wagering competitors closed

18 April 2011

Shares in London-listed online wagering firms rose after some big poker sites in the US were shut for supposed prohibited activity.

At the close of trading, Bwin were up 30% and 888 up 15% as financiers speculated that the US closures would improve their operations.
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On Friday, 11 individuals connected to 3 major poker websites were charged with offences, including fraud.

The US probe involves three websites: Full Tilt, PokerStars, and Absolute Poker.
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Federal US authorities implicated the 3 online of controling banks to process billion of dollars in unlawful earnings.

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

Playtech, another video gaming site, also saw its shares leap 11%.
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'Criminal scams scheme'

Prosecutors in New York City on Friday stated they had actually issued restraining orders against more than 75 bank accounts in 14 nations used by the poker business.
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US Attorney Preet Bharara said the websites "prepared an intricate criminal fraud plan, at the same time tricking some US banks and effectively paying off others to assure the continued flow of billions in prohibited gaming profits".
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The indictment stated the 3 gambling sites did not abide by the US Unlawful Internet Gambling Enforcement Act, developed in October 2006.
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The law makes it unlawful for gambling organizations to accept most kinds of payment from people involved in unlawful internet betting.

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

PokerStars published a declaration to its gamers on Saturday, stating it needed to suspend real cash play for customers based in the US.

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

"For all consumers outside the US, it is business as typical."

A message posted on the PokerStars.com site by the FBI said the agency had seized the domain name in connection with the examination.

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