International edition
September 25, 2021

As Alderney suspends Full Tilt Poker

Bwin.Party shares up 11%

(UK).- Bwin.party climbed 11 % in London trading after Alderney suspended operations for Full Tilt Poker. It was the most since April 18, when it advanced 30 % on the first trading day after the US indictments. The shares closed at 148.20 pence, giving the company a market value of US$ 2 billion.

T

he Channel Island suspended Full Tilt’s license after examining April 15 indictments issued by the U.S. Attorney General’s office in New York, according to a statement posted on the Alderney Gambling Control Commission website.

 

In April, founders of Full Tilt Poker, PokerStars and Absolute Poker were among 11 people charged by the U.S. with offenses including bank fraud, money laundering and illegal gambling. Prosecutors allege that after the U.S. enacted a law in 2006 barring banks from processing payments to offshore gambling websites, the companies worked around the ban to continue operating in the country.

 

The charges could help reverse sliding European poker sales for bwin.party and other listed online gambling companies, as Full Tilt and PokerStars used U.S. earnings to buy market share in Europe, according to Nick Batram, an analyst with Peel Hunt.

 

Vantage, Oxalic, Filco, and Orinic, who collectively trade as Full Tilt Poker, must cease to register new customers, accept deposits from existing customers, or permit customers to participate in any form of poker game play or gambling transaction, according to the commission’s statement. The commission will start a hearing on July 26.

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