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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 betting firms rose after some huge poker websites in the US were shut for alleged illegal activity.

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

On Friday, 11 individuals linked to 3 significant poker sites were charged with offences, consisting of scams.
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The US probe includes three websites: Full Tilt, PokerStars, and Absolute Poker.

Federal US authorities accused the 3 online poker websites of controling banks to process billion of dollars in unlawful revenue.

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

Playtech, another video gaming site, also saw its shares jump 11%.

'Criminal scams plan'

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

US Attorney Preet Bharara stated the yohaig code sites "cooked up a sophisticated criminal fraud scheme, alternately tricking some US banks and effectively bribing others to assure the ongoing circulation of billions in illegal betting profits".

The indictment stated the 3 betting websites did not stick to the US Unlawful Internet Gambling Enforcement Act, developed in October 2006.
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The law makes it illegal for betting businesses to accept most forms of from people associated with illegal web gambling.

The indictment sought $3bn (₤ 1.8 bn) in money laundering charges and forfeit from the sites.

The authorities stated Absolute Poker had said soon after the law was enacted that the US Congress had no control over the company's payment deals.

PokerStars published a statement to its players on Saturday, stating it had to suspend real cash play for consumers based in the US.
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"Please be ensured gamer balances are safe. There is no cause for concern," the company stated.

"For all customers outside the US, it is organization as normal."

A message posted on the PokerStars.com website by the FBI stated the company had taken the domain in connection with the examination.

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