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888 and Bwin shares skyrocket as US wagering rivals closed

18 April 2011

Shares in London-listed online betting firms rose after some huge poker websites in the US were shut for alleged unlawful activity.

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

On Friday, 11 people connected to three major poker sites were charged with offenses, including scams.

The US probe includes 3 sites: Full Tilt, PokerStars, and Absolute Poker.

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

According to Execution Noble expert Geetanjali Sharma: "the yohaig code closure of the main competitors' operations and the US legal procedures initiated versus them ought to benefit European listed operators."

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

'Criminal fraud plan'

Prosecutors in New York City City on Friday said they had actually issued restraining orders against more than 75 checking account in 14 nations used by the yohaig code poker business.

US Attorney Preet Bharara said the sites "concocted a fancy criminal scams scheme, alternately fooling some US banks and efficiently bribing others to ensure the continued flow of billions in illegal gaming profits".

The indictment said the 3 gambling sites did not stick to the US Unlawful Internet Gambling Enforcement Act, established in October 2006.

the yohaig code law makes it illegal for betting services to accept most forms of payment from people associated with unlawful web gambling.

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

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

PokerStars published a statement to its players on Saturday, saying it needed to suspend real money play for consumers based in the US.

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

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

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

Ladbrokes ends 888 takeover talks

15 April 2011

US specifies gamble on online poker

25 March 2011

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