Party CEO predicts banks/ processors to leave US IG w/i 60 days

[whangarei]

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So what do you recommend? How should we treat our money right now, and in the near future?

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Right now no changes. If (when?) Neteller leaves US, there will be no problems getting whatever money you have in there out. I think the point is they will probably not remain open just so you can tranfer from PokerSite -> Neteller -> CheckingAccount.

[DeeJ]

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, but what happens when the feds and DOJ go knocking on their doors? It will be interesting to see what happens.

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I'm guessing the Manx people attack them with pitch forks and drive them off the island.

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see, people and things from the Isle of Man are 'Manx'.

Isle Of Man

you're welcome [img]/images/graemlins/grin.gif[/img]

[Synergistic Explosions]

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, but what happens when the feds and DOJ go knocking on their doors? It will be interesting to see what happens.

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I'm guessing the Manx people attack them with pitch forks and drive them off the island.

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see, people and things from the Isle of Man are 'Manx'.

Isle Of Man

you're welcome [img]/images/graemlins/grin.gif[/img]

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So they are an Isle of Cats?

[dragonystic]

*bump*

I almost forgot about this thread. But today is 2 full months. And I didn't want this prediction to be wrong and not have people remember.

Neteller looks like they'll be here atleast until the regs hit(*crossesfingers*)...and Party once again looks semi-clueless.

[SlapPappy]

Nice.

[BluffTHIS!]

If he had said 270 days he might have had a better shot of being right, as we still haven't seen the full effect of the legislation and won't until all the regs have been written.

But Mitch Garber was also just spinning and trying to damage his competitors who remained in the US market, which he resents bitterly, as he somehow feels that they should all be in the same boat. If he and the largest stockholders of party hadn't already "made theirs", they would take the company private again and be able to compete again.

[SlapPappy]

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If he and the largest stockholders of party hadn't already "made theirs", they would take the company private again and be able to compete again.

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Maybe they are waiting for the U.S. regulations to consider this? Long shot but maybe.

[BluffTHIS!]

BTW, here's a link to a short CP mag news item on party's profits post US ban and gives the following stats:

Poker proftis pre US ban: 2.7 Million a day
Poker profits post ban: 740K a day now up from 640K/day immediately after the ban
Hit to earnings: 2M/day

But here's a funny one in an excerpt near the end:

PartyGaming also introduced a new acronym to the world in its release: EMEA. EMEA represents PartyGaming’s future as its most important market. The folks living in EMEA (Europe, Middle East, and Africa), represent about 80 percent of the recent total new player sign-ups, and 67 percent of its total gross daily revenue across all of PartyGaming products. The new products include poker, bingo, backgammon, sports betting, and casino games, and the company is expanding into other languages, as well.


Surely this is a misprint and they mean asia and not africa. Even so, they're trying to act like they doing some brilliant market analysis and positioning when all they've done is identify the non-US market as their new market since they can't compete in the US any more. Brilliant.

[Strickly Bidness]

"EMEA" is often used over there. For example, the EMEA is the acronym for the regulatory agency that models the american "FDA". If you want to get a drug approved in the EU, you must go through the EMEA first. Party didnt make this up. It has little to do with Asia also.

[Sciolist]

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Party didnt make this up

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Yeh, we use it too. My job title is "Poker Operations Manager, EMEA". I just say Europe.