UK online gambling stock rose earlier this month amid speculation that US Congressman Barney Frank was going to introduce legislation calling for a review of UIGEA. Now new gossip floating the current rise in UK gambling stock credits the speculation that charges against Lefebvre and Lawrence, Neteller founders arrested in February and held in the US are about to be dropped.
In GUARDIAN Unlimited’s Lunchtime Market Report for March 14th, Nick Fletcher stated “Elsewhere the gaming sector was in demand. 888 added 4p to 120p on talk that Ladbrokes was about to come out with its bid, although some traders doubted this, saying Ladbrokes had been distancing itself from a move on 888 recently.
Other tales to explain the buoyancy in the gaming world included a suggestion that charges against the founders of online payment group Neteller, suspended at 176p, were about to be dropped in the US. Alternatively there were hopes the US would introduce a new bill to water down some of the more draconian anti-online gaming measures. There was even talk that Gordon Brown was planning tax breaks for the industry in next week’s budget.
Whatever the reason, PartyGaming put on 3.5p to 41.5p and Sportingbet 2.5p to 58.25p.”
The Amaya Gaming Group's rise to prominence in the online gambling industry has been a pretty big story over the past few years. Starting out as a relatively small company that seemed to specialize in buying up undervalued online gambling software companies like CryptoLogic and turning them around, they really broke out in 2014 when they purchased the Rational Group in mid-2014 for a huge sum of around $5 billion.
At one point in time, about four-fifths of all bitcoin exchanges were handled by Mt. Gox, then the top exchange by far for bitcoin transactions. Having what seemed to be such a solid operation taking over such a large portion of the market helped the cryptocurrency to gain a lot of attention with huge fluctuations in its value. This all came crashing down when the Tokyo-based company was accused of fraud and a number of other crimes.
Details on the Charges
It’s been one year and five months since online poker’s “Black Friday” event that changed the course of online gambling and online poker in the United States and the world, and the chips are still falling.
Today the US Department of Justice handed a second amended civil complaint against Full Tilt Poker directors Ray Bitar and Howard Lederer, claiming that the duo used the ‘illegal proceeds’ from their online poker room to make personal property purchases.