Good Move by Neteller

[Coy_Roy]

Article Link (http://forum.therx.com/showthread.php?t=414192)


LONDON -- NETeller PLC, which transfers money for Web gambling companies, improved its NetDirect service to enable customers to block payments from specific countries including the United States, where laws have been passed to shut down on-line gambling.

Isle of Man-based NETeller unveiled the changes following a 61-per-cent plunge of its shares on Oct. 2, after the U.S. unexpectedly approved legislation to ban credit card companies from collecting payments for bets. NETeller is seeking to guard itself against any further reaction by the U.S. and other territories that may seek to criminalize Internet gambling. The clampdown wiped $7-billion (U.S.) off European stocks and has forced World Gaming PLC to suspend its shares.

NETeller also said yesterday it has introduced websites in Danish and Swedish to help expand outside the United States. In addition to its main website in English, the company has others in German, French, Spanish, Italian and Japanese.

[Coy_Roy]

This puts the impetus on the sites to do the blocking.

[PrayingMantis]

What is their "NetDirect service" exactly?

[LearnedfromTV]

smart

[whangarei]

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What is their "NetDirect service" exactly?

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I believe it's their interface with their client businesses.

[kevin017]

it looks to me like it is another way for neteller to keep itself legit. it is saying, we are letting our clients know where this money is coming from, and they are choosing to take money from the U.S., so leave us alone and blame them. so this is good right?

[DMoogle]

Wait, is this good? It sounds bad. What does it mean?

[DrewOnTilt]

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Wait, is this good? It sounds bad. What does it mean?

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It means that they are trying to maintain the status quo. Regardless of what ultimately happens, give kudos to Neteller for not jumping the gun a la Party and 888.

[wonderwes]

I read this just before I was going to use Neteller to deposit.

Oh well, finish the job.

[PrayingMantis]

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Wait, is this good? It sounds bad. What does it mean?

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I'm with you here, not quite seeing how is this clearly good or bad. It definitely looks like a tactical move of some kind, but not sure about the exact meaning of it.

[SumZero]

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Wait, is this good? It sounds bad. What does it mean?

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I'm with you here, not quite seeing how is this clearly good or bad. It definitely looks like a tactical move of some kind, but not sure about the exact meaning of it.

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It is very good for Neteller. It is good for sites that are planning to ban US players. It is probably good for US players who want to use Neteller to sites that don't ban US players. It is less clear if it is good for those sites that don't ban US players or not. It is good for them as it makes it unlikely Neteller gets shut down or pressured by the US gov't but it makes it crystal clear that those sites could comply with the US law if they wanted to and if they don't it is because of their choice not because it is infeasable.

[HSB]

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it looks to me like it is another way for neteller to keep itself legit. it is saying, we are letting our clients know where this money is coming from, and they are choosing to take money from the U.S., so leave us alone and blame them. so this is good right?

[/ QUOTE ]

This is phenomenal.

[Oberonn]

Neteller has an option called InstaCash. This option supposedly transfers funds DIRECTLY from your bank account to the gaming site. I think this announcement from Neteller applies to these InstaCash type transfers.

The gaming sites normally pick up the fees for InstaCash transfers.

The slower method of funding your Neteller account from your bank account, then doing a transfer of these verified funds to the gaming site, has never had any fees at all but can take several days for the funds to clear into Neteller before you can use them.

It just looks like InstaCash may no longer be an option.

[HSB]

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Wait, is this good? It sounds bad. What does it mean?

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I'm with you here, not quite seeing how is this clearly good or bad. It definitely looks like a tactical move of some kind, but not sure about the exact meaning of it.

[/ QUOTE ]

It is very good for Neteller. It is good for sites that are planning to ban US players. It is probably good for US players who want to use Neteller to sites that don't ban US players. It is less clear if it is good for those sites that don't ban US players or not. It is good for them as it makes it unlikely Neteller gets shut down or pressured by the US gov't but it makes it crystal clear that those sites could comply with the US law if they wanted to and if they don't it is because of their choice not because it is infeasable.

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In poker terms, it's an angle shot to get the regulations to be written in such a way that the banks don't have to block transactions to Neteller. It's really really clever.

[DMoogle]

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In poker terms, it's an angle shot to get the regulations to be written in such a way that the banks don't have to block transactions to Neteller. It's really really clever.

[/ QUOTE ]
I see what you're saying, and since the banks can't track what you do with the money you have in Neteller, it really IS a good idea, unless Neteller decides to block U.S. transactions to gambling sites.

[CallYNotRaise06]

i /images/graemlins/heart.gif neteller

[mikeh1975]

i got drunk the other night and i kept repeating...
i love neteller,i love neteller.
my wife said who the hell is she your new girlfriend? does she give you money? i said no she ain't my girlfriend but she always gives me money!