Stars Update #2

[adios]

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Like I said in another thread I started but got moved, they have to be preparing to dump all american players anyway.

Party has already started the process, cutting off transfers, making plans to pro-rate bonuses, cancelling tournaments etc.

Stars has to do this too. On Friday, Bush will be signing this law, and if Pokerstars accepts one deposit after that point, they will be breaking this law.

So they obviously have to decide if this law applies to them.

People keep posting, *maybe they will just wait the 270 days to see what the restrictions and regulations are*

No, thats not the point. Either they are going to continue to accept deposits, or they are not. They aren't going to keep accepting deposits, then in 270 days decide its too hard because of regulations and stop.

By that point it will be too late and they will have already broken the law anyway, so what does it matter? The only decision is *does this law apply to us?*

In fact, by Friday it will be too late, so they better get their act together and decide soon.

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My take is that in the opinion of the U.S. government, Stars has already violated U.S. laws. Witness the arrests that have taken place of foreign execs mentioned in the thread about the Barron's article among many other places.

[Uglyowl]

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Witness the arrests that have taken place of foreign execs mentioned in the thread about the Barron's article

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Still this is unclear, these are sports betting sites and they used the phone to take bets (if not worse)

[Coy_Roy]

My opinion unfortunately is that Neteller will cease US business as soon as the bill is signed into law.

[ZBTHorton]

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My opinion unfortunately is that Neteller will cease US business as soon as the bill is signed into law.

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Given that this is against every single thing they have said, why do you feel this way?

[BluffTHIS!]

ZB,

He posted in a thread in the zoo that he had read, but couldn't locate now, a report that Barclay's would be ending their banking relationship with neteller. There is no confirmation of same, and no reason either that Barclay's would take that position until the regs are written, if even then, since they are 1 step removed from funding the sites, although of course the actual bank that allows neteller to do so.

[JPFisher55]

Why would Barclay's end their relationship with Neteller. Neteller has alot of non-internet gambling site business.

[BluffTHIS!]

While again I have no reason to believe that stuff about Barclay's terminating their relationship with neteller (and that would only matter if neteller can't find another banking relationship), Barclay's might be worried that they would be identified as the financial institution funding gambling sites, with neteller being viewed as a super account aggregator or something while Barclay's is the real underlying bank. However even then, that is just the same as if you transferred funds from a US bank to a canadian one you had, and then from that one to a poker site. That other bank is still one step removed, not on US soil, and thus not subject to the transactions prohibitions of the legislation.

[Dennisa]

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While again I have no reason to believe that stuff about Barclay's terminating their relationship with neteller (and that would only matter if neteller can't find another banking relationship), Barclay's might be worried that they would be identified as the financial institution funding gambling sites, with neteller being viewed as a super account aggregator or something while Barclay's is the real underlying bank. However even then, that is just the same as if you transferred funds from a US bank to a canadian one you had, and then from that one to a poker site. That other bank is still one step removed, not on US soil, and thus not subject to the transactions prohibitions of the legislation.

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I worked in a bank for a few years in the 80's. Banks do not like gray areas. If their counsel feels that having a company is primarily focused on only gambling transactions, they will close the relationsship with the "rogue" company.

[Dennisa]

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Why would Barclay's end their relationship with Neteller. Neteller has alot of non-internet gambling site business.

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This has been brought up many times, name me 5 places I can spend my neteller dollars on merchandise, not gambling sites.

[Dunkman]

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This has been brought up many times, name me 5 places I can spend my neteller dollars on merchandise, not gambling sites.

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I honestly don't know anywhere to spend neteller $ that's not gambling related, but there's certainly places that aren't actual sites. 2p2, PokerTracker, PokerAce, and most of the other poker software sites allow Neteller payments. Granted I doubt that helps our case much, but it's not "just" gambling sites.