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#71
10-10-2006, 02:48 PM
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Re: Firepay bailing out of US Market
[ QUOTE ]
[ QUOTE ] [ QUOTE ] Bluffthis, what is your interpretation of this sentence from Neteller's statement? : "The Board believes that the Act may have a material adverse effect on NETELLER's US facing business. " [/ QUOTE ] That's standard shareholderspeak for "something bad happened". Whether Neteller stays in business for as long as they can, pulls out after the 270 days, or reverses course and follows Firepay's lead, this clearly has been a bad couple of weeks for their company. FWIW, stock movement today: Firepay -24% Neteller +2% [/ QUOTE ] Good info. Nate, any idea of the relative amount of U.S. transaction $$$ of Neteller vs. Firepay? Is it possible the US gaming market is small for Firepay and not for Neteller? Also, what % of online gamers use Neteller vs. Firepay. Rough estimates are fine [img]/images/graemlins/tongue.gif[/img] [/ QUOTE ] Neteller's revenues are roughly 3x greater than those of Firepay. Don't know if that translates directly into market share, but it's probably fairly close. Another thing to keep in mind is that Firepay is majority owned by Optimal Group, a Canadian firm which is traded on the NASDAQ. Except for the Firepay business, Optimal's products are not used for internet gambling. Self-evidently, these are quite different circumstances from NETELLER. 
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#72
10-10-2006, 03:07 PM
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Re: Firepay bailing out of US Market
[ QUOTE ]
Another thing to keep in mind is that Firepay is majority owned by Optimal Group, a Canadian firm which is traded on the NASDAQ. Except for the Firepay business, Optimal's products are not used for internet gambling. Self-evidently, these are quite different circumstances from NETELLER. [/ QUOTE ] Thanks, Nate. That's good news!
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#73
10-10-2006, 03:18 PM
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Re: Firepay bailing out of US Market
I also live in MD but don't view this as anything more than an inconvenience. For the time being we can still do e-cheques to poker sites, or use sites like ePassporte.
I believe that even for sites that don't accept ePassporte directly, you can still use it to deposit as a Visa card.
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#74
10-10-2006, 03:22 PM
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Re: Firepay bailing out of US Market
So is Firepay going to block funds going from gambling sites to US Banks, or only US Banks to gambling sites? If the former is included then I might just cash out now and setup another payment stream (in both directions).
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#75
10-10-2006, 04:20 PM
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Re: Firepay bailing out of US Market
[ QUOTE ]
OnPoint Radio Show about the Bill Congressman Leech was interviewed during this radio show. Quoting him from memory he made this statement, 'The Bill makes transfers to online payment sites like Neteller illegal' I think that is strong evidence as to the Intention of the Lawmakers and points to how the Bill is likely to be enforced. Neteller and the Patriot Act There is also language in the Patriot Act that Extends Jurisdiction in the case of illegal transfer of U.S. Dollars from American Banks. Any Financial Institution - even a Foreign one - participating in the chain of illegal fund transfers is breaking U.S. law and can have its U.S. funds confiscated. So e-Transfer of funds may dry up quite of bit. However, I don't see what's so bad about old fashioned snail mail and paper checks. It wasn't long ago when that's the only way we did anything. It works quite well you know. And just about everybody is saying that the costs of implementing enforcement by the banks for paper checks would be prohibitive and not gonna happen. PairTheBoard [/ QUOTE ] YES! Paper checks. I've been saying this for a week and a half now. If paper checks are still available, things will be *almost* business as usual. This is bad news, of course, but I'm still far from completely panicking. A lot of things still have to happen before we're completely f*****.
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#76
10-10-2006, 04:23 PM
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Re: Firepay bailing out of US Market
If paper checks fly so will neteller.
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#80
10-10-2006, 04:47 PM
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Re: Firepay bailing out of US Market
I hate to ask a personal question, but Neteller possibly bailing has me a little freaked. I have two pending transactions from Carnaval/Futurebet totally $3000. As anyone who has dealt with futurebet knows, the transaction will have been pending for 3 weeks this Thursday. What the hell happens to the transaction if neteller pulls out of the U.S. before the transaction goes through?
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