888 and Bwin Shares Soar as United States Betting Rivals Closed
888 and Bwin shares skyrocket as US betting competitors closed
18 April 2011
Shares in London-listed online wagering companies rose after some huge poker sites in the US were shut for supposed prohibited activity.
At the close of trading, Bwin were up 30% and 888 up 15% as financiers speculated that the US closures would improve their operations.
On Friday, 11 individuals connected to 3 major poker sites were charged with offenses, including scams.
The US probe includes three websites: Full Tilt, PokerStars, and Absolute Poker.
Federal US authorities accused the three online poker sites of controling banks to process billion of dollars in illegal revenue.
According to Execution Noble expert Geetanjali Sharma: "The closure of the main competitors' operations and the US legal procedures initiated versus them must benefit European noted operators."
Playtech, another video gaming site, also saw its shares jump 11%.
'Criminal fraud scheme'
Prosecutors in New York City City on Friday stated they had actually issued restraining orders versus more than 75 bank accounts in 14 nations used by the poker business.
US Attorney Preet Bharara said the websites "prepared a fancy criminal fraud scheme, at the same time tricking some US banks and successfully bribing others to guarantee the ongoing flow of billions in illegal gambling earnings".
The indictment said the three betting sites did not follow the US Unlawful Internet Gambling Enforcement Act, developed in October 2006.
The law makes it unlawful for betting companies to accept most kinds of payment from people associated with illegal web gambling.
The indictment looked for $3bn (₤ 1.8 bn) in money laundering charges and forfeit from the sites.
888 and Bwin shares skyrocket as US betting competitors closed
18 April 2011
Shares in London-listed online wagering companies rose after some huge poker sites in the US were shut for supposed prohibited activity.
At the close of trading, Bwin were up 30% and 888 up 15% as financiers speculated that the US closures would improve their operations.
On Friday, 11 individuals connected to 3 major poker sites were charged with offenses, including scams.
The US probe includes three websites: Full Tilt, PokerStars, and Absolute Poker.
Federal US authorities accused the three online poker sites of controling banks to process billion of dollars in illegal revenue.
According to Execution Noble expert Geetanjali Sharma: "The closure of the main competitors' operations and the US legal procedures initiated versus them must benefit European noted operators."
Playtech, another video gaming site, also saw its shares jump 11%.
'Criminal fraud scheme'
Prosecutors in New York City City on Friday stated they had actually issued restraining orders versus more than 75 bank accounts in 14 nations used by the poker business.
US Attorney Preet Bharara said the websites "prepared a fancy criminal fraud scheme, at the same time tricking some US banks and successfully bribing others to guarantee the ongoing flow of billions in illegal gambling earnings".
The indictment said the three betting sites did not follow the US Unlawful Internet Gambling Enforcement Act, developed in October 2006.
The law makes it unlawful for betting companies to accept most kinds of payment from people associated with illegal web gambling.
The indictment looked for $3bn (₤ 1.8 bn) in money laundering charges and forfeit from the sites.