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888 and Bwin shares soar as US wagering competitors closed

18 April 2011

Shares in London-listed online wagering firms surged after some huge poker websites in the US were shut for supposed unlawful activity.

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

On Friday, 11 people linked to three significant poker sites were charged with offences, including fraud.

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

Federal US authorities implicated the three online poker websites 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 yohaig code US legal proceedings initiated against them ought to benefit European noted operators."

Playtech, another video gaming website, likewise saw its shares jump 11%.

'Criminal scams scheme'

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

US Attorney Preet Bharara stated the websites "created an elaborate criminal scams plan, at the same time fooling some US banks and efficiently paying off others to assure the ongoing circulation of billions in unlawful betting earnings".

The indictment said the three betting websites did not stick to the US Unlawful Internet Gambling Enforcement Act, established in October 2006.

The law makes it prohibited for gambling companies to accept most kinds of payment from people associated with unlawful web gambling.

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

The authorities stated Absolute Poker had said soon after the law was enacted that the US Congress had no control over the business'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 guaranteed player balances are safe. There is no cause for concern," the company said.

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

A message published on the PokerStars.com site by the FBI said the firm had actually taken the domain name in connection with the examination.

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