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***GambLux EDITOR NEWS*** |
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NETeller closes the door on US Online Gambling
[Tuesday, January 30, 2007]
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The American Government just took another step to make online gambling less safe for players. It has caused NETeller, one of the largest online payment third-party processors, to quit the US market.
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Tens of thousands of US customers have been left stranded with millions of dollars 'trapped' in online poker accounts.
The two founders of NETeller, Canadians Stephen Lawrence and John Lefebvre, were recently arrested by US authorities and charged with money laundering under the power of the 1961 Wire Act. They were later released after posting millions of dollars in bail. In response to the arrests, the company exiting the US market almost immediately.
During the last five years, NETeller became a multi-million dollar company after capturing a large market share during the online poker and casino boom. It was listed on the London Stock Exchange. NETeller processed $7 billion in transactions in 2005, and over $5 billion in the first half of 2006. It is believed that the company handled almost half of the global market for online wagers in the last two years. Certainly no self-respecting online gaming site would exclude NETeller as one of the preferred payment methods.
At the moment there is a desperate hunt for a third-party payment processor to step into the gap. Most likely, it will be a private company and so far less exposed to public scrutiny. The UIGEA law has sought to 'protect' online players. Instead, through its short-sighted actions, it will most likely endanger them.
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