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888 and Bwin shares skyrocket as US wagering rivals closed
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18 April 2011
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Shares in London-listed online betting companies surged after some huge poker sites in the US were shut for supposed unlawful activity.
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At the close of trading, Bwin were up 30% and 888 up 15% as financiers speculated that the US closures would boost their operations.
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On Friday, 11 people linked to three major poker sites were charged with offences, consisting of fraud.
The US probe includes three websites: Full Tilt, PokerStars, and Absolute Poker.
Federal US authorities implicated the 3 online poker sites of controling banks to process billion of dollars in illegal profits.
According to Execution Noble expert Geetanjali Sharma: "The closure of the primary competitors' operations and the US legal proceedings initiated against them ought to benefit European noted operators."
Playtech, another gaming website, also saw its shares jump 11%.
'Criminal scams plan'
in New York City on Friday stated they had issued restraining orders versus more than 75 bank accounts in 14 countries used by the poker companies.
US Attorney Preet Bharara said the websites "concocted a sophisticated criminal scams scheme, alternately deceiving some US banks and successfully bribing others to ensure the continued circulation of billions in unlawful betting earnings".
The indictment said the three betting sites did not comply with the US Unlawful Internet Gambling Enforcement Act, developed in October 2006.
The law makes it prohibited for betting businesses to accept most types of payment from people associated with unlawful web gaming.
The indictment sought $3bn (₤ 1.8 bn) in cash laundering charges and forfeit from the sites.
The authorities stated Absolute Poker had actually said quickly after the law was enacted that the US Congress had no control over the business's payment transactions.
PokerStars posted a statement to its players on Saturday, stating it had to suspend genuine money play for clients based in the US.
"Please be assured gamer balances are safe. There is no cause for issue," the business stated.
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"For all customers outside the US, it is company as usual."
A message published on the PokerStars.com site by the FBI stated the firm had seized the domain in connection with the examination.
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888 and Bwin Shares Soar as US Betting Rivals Closed
judsondelfabbr edited this page 2025-10-22 16:19:03 +08:00