Walmart Provides Poker Players An Alternative To Unsafe Payment Processors
30 March 2007
Thursday 29th March 2007
House of Cards The online payment processing industry took it in the chops again this week, as the Electronic Clearinghouse, Inc (ECHO) settled with the US government over allegations that it profited from online gaming transactions by supplying Neteller with payment processing services prior to the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA) last October.
Of course, since the UIGEA won’t take effect until June 2007, that would appear to be self-evident.
Nevertheless, the action is something of a letdown for the DOJ. ECHO noted that the only reason it settled was to benefit its own shareholders by sparing them the costs of expensive litigation. It established that the DOJ does indeed have the political leverage to extort money out of legitimate enterprises – a fact that most Reg readers are already well aware of.
The $2.3m settlement represents all the profits the company supposedly made off Neteller transactions prior to the date the UIGEA was signed into law. The company caught flak from the DOJ for not “winding down” its operations quickly enough after the legislation was passed – though, of course, the UIGEA still has not even gone into effect.
The main effect of the DOJ’s actions was to scuttle a planned merger between ECHO and financial software powerhouse Intuit, which clearly did not want to buy into a potential lawsuit.
Online gamblers, however, are not dismayed, as American retail monster Walmart is providing a safe and secure alternative to shady payment processing options.
Moneygram is widely available at your local Walmart, and is currently accepted by Pokerstars.com, though it does require a very unWalmart-like hefty processing fee of $9.95 per transaction.
Nevertheless, for those who want to play, Walmart is clearly the convenient place to go. Thanks, Sam. ®
11 October 2006WebDollar and Pharoh's Casino Cut Off US Players October 12th
The upcoming ban on Internet gambling payment processing will effect all players registered with an US-address playing at Pharaoh’s Casino. WebDollar will not accept deposits or withdrawals from players resident in the United States once the ban is enacted. Withdrawals will be possible until Thursday October 12, 23:00 (GMT), when all US players will be blocked from accessing the software.We like to thank all our US members for their loyalty while playing in Pharaoh’s Casino.Read full article
09 February 2007Sullum Opines 'Neteller's Open and Honest Conspiracy'
REASON MAGAZINE::REASON ONLINE Jacob Sullum, Senior Editor, Reason Magazine | February 7, 2007 Although Stephen Lawrence and John Lefebvre are charged with money laundering, there was nothing sneaky about their “conspiracy.” In 1999 the two Canadians co-founded Neteller, an online payment processing company, now based in the Isle of Man, that openly specialized in serving online gamblers.Read full article