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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 companies surged after some huge poker sites in the US were shut for alleged illegal activity.

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

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

the yohaig code US probe includes three sites: Full Tilt, PokerStars, and Absolute Poker.

Federal US authorities accused the three online poker websites of controling banks to process billion of dollars in unlawful profits.
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According to Execution Noble expert Geetanjali Sharma: "The closure of the main rivals' operations and the US legal proceedings started versus them ought to benefit European noted operators."
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Playtech, another video gaming website, also saw its shares leap 11%.

'Criminal scams scheme'

Prosecutors in New York City City on Friday stated they had actually provided limiting orders against more than 75 savings account in 14 nations used by the poker business.

US Attorney Preet Bharara stated the websites "created an intricate criminal fraud plan, alternately deceiving some US banks and efficiently bribing others to guarantee the continued flow of billions in unlawful gaming revenues".

The indictment stated the three gambling sites did not stick to the US Unlawful Internet Gambling Enforcement Act, developed in October 2006.

The law makes it unlawful for betting businesses to accept most kinds of payment from individuals included in web betting.
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The indictment looked for $3bn (₤ 1.8 bn) in cash laundering penalties and loss from the sites.

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

PokerStars published a statement to its gamers on Saturday, saying it needed to suspend genuine money play for customers based in the US.

"Please be guaranteed player balances are safe. There is no cause for concern," the business stated.
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"For all customers outside the US, it is company as typical."
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A message posted on the PokerStars.com website by the FBI said the firm had seized the yohaig code domain in connection with the investigation.

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