The US Government Deals Yet Another Blow to the Online Gambling Industry; Neteller Blows Up
Well, Neteller didn't actually blow up. But if you were using your Neteller account to fund your online poker account and you are living in the US, then you are now out of luck and MUST find another way to get your money online. In my humble opinion, the US is going to go after all of these "e-wallet" companies until they are all gone. Right now, Epassporte.com is the solution being trumpeted by all of the online poker sites. You think the US government isn't watching this? They are, and I expect that the founders of Epassporte.com won't be entering the US anytime soon.
It was widely assumed that Neteller would cease to do business in the US eventually, but the arrest of two of their founders by the FBI hastened their exit. They are still doing business with US residents; however, you just can not use them to fund online poker accounts. The FBI nabbed the founders for money laundering and racketeering; it sounds as though they are facing lengthy prison sentences.
So what now? First off, if I were anyone doing any type of business with poker rooms that current reside in the US, I would either cease operations or leave the country entirely. If you are the founder or employee of an "e-wallet" company, I would NOT enter the US under any circumstances. In my opinion, the major poker rooms should band together, and offer a payment solutions that is guaranteed and supported by all of the rooms. You can't have all these fringe e-wallet companies and except people to pour money into the rooms; it just won't work like that. The rooms need to come together and start something like "PokerPay", an online e-wallet that will be financially supported and guaranteed by all of the rooms. You are already operating a supposedly "illegal" business, why not go all the way?
Just another day in the online gambling business. Now maybe people understand when I say that I am looking to get out of this business? Everyday it's something new, time to move on..
Filed under: General Market News | General Knowledge