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#1
10-12-2006, 06:51 AM
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Barclays and RBS warn gaming clients on U.S
Reuters
Barclays and RBS warn gaming clients on U.S.: source Thursday October 12, 5:28 am ET LONDON (Reuters) - Barclays (London:BARC.L - News) and Royal Bank of Scotland (London:RBS.L - News) will shortly advise corporate customers to avoid taking Internet bets from the United States, banking and gambling sources said on Thursday. ADVERTISEMENT click here "The two banks will be telling corporate clients they're not prepared to do business with companies that take online bets from the United States," said the source. "Then they'll look at ways of stopping retail customers from online gambling." An RBS spokeswoman said: "The Royal Bank of Scotland Group will take the necessary steps to ensure that we are fully compliant with this legislation." Barclays declined to comment. Gambling companies were left in shock last week after the U.S. Congress unexpectedly passed a bill making it illegal to accept wagers over the Internet, or for banks or credit card companies to process payments to online gaming firms. The measure has been passed to President George W. Bush to sign into law, which the industry expects to happen on Friday. Banking and gambling sources said the two banks had written to corporate customers asking them to confirm they are complying with U.S. gaming legislation. British online money transfer firm Neteller Plc (London:NLR.L - News), which does a lot of gambling business, says it is reviewing the situation. RBS owns Citizens Financial Group, which is the eighth biggest commercial bank in the United States in terms of deposits. It has more than 1,600 branches operating across 13 states, and has non-branch retail and commercial offices in about 40 states. (Reporting by Pete Harrison and Steve Slater) 
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#2
10-12-2006, 07:08 AM
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Re: Barclays and RBS warn gaming clients on U.S
[ QUOTE ]
Reuters Barclays and RBS warn gaming clients on U.S.: source Thursday October 12, 5:28 am ET LONDON (Reuters) - Barclays (London:BARC.L - News) and Royal Bank of Scotland (London:RBS.L - News) will shortly advise corporate customers to avoid taking Internet bets from the United States, banking and gambling sources said on Thursday. ADVERTISEMENT click here "The two banks will be telling corporate clients they're not prepared to do business with companies that take online bets from the United States," said the source. "Then they'll look at ways of stopping retail customers from online gambling." An RBS spokeswoman said: "The Royal Bank of Scotland Group will take the necessary steps to ensure that we are fully compliant with this legislation." Barclays declined to comment. Gambling companies were left in shock last week after the U.S. Congress unexpectedly passed a bill making it illegal to accept wagers over the Internet, or for banks or credit card companies to process payments to online gaming firms. The measure has been passed to President George W. Bush to sign into law, which the industry expects to happen on Friday. Banking and gambling sources said the two banks had written to corporate customers asking them to confirm they are complying with U.S. gaming legislation. British online money transfer firm Neteller Plc (London:NLR.L - News), which does a lot of gambling business, says it is reviewing the situation. RBS owns Citizens Financial Group, which is the eighth biggest commercial bank in the United States in terms of deposits. It has more than 1,600 branches operating across 13 states, and has non-branch retail and commercial offices in about 40 states. (Reporting by Pete Harrison and Steve Slater) [/ QUOTE ] Isn't the RBS the bank behind Pokerstars?
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#3
10-12-2006, 07:11 AM
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Re: Barclays and RBS warn gaming clients on U.S
[ QUOTE ]
Isn't the RBS the bank behind Pokerstars? [/ QUOTE ] Not anymore, at a guess. Those wondering why Stars took so long to announce may have a clue here.
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#4
10-12-2006, 07:13 AM
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Re: Barclays and RBS warn gaming clients on U.S
From the FAQ:
[ QUOTE ] PokerStars is proud to announce that, under new banking arrangements, an amount covering Players' account balances is held in segregated accounts, not used for any operational expenses. These segregated accounts are managed by a leading European bank. The arrangements ensure that PokerStars can at all times fulfill its obligations towards Players, and will provide further reassurance that Players' funds are always secure with PokerStars [/ QUOTE ]
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#5
10-12-2006, 07:15 AM
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Re: Barclays and RBS warn gaming clients on U.S
[ QUOTE ]
From the FAQ: [ QUOTE ] PokerStars is proud to announce that, under new banking arrangements, an amount covering Players' account balances is held in segregated accounts, not used for any operational expenses. These segregated accounts are managed by a leading European bank. The arrangements ensure that PokerStars can at all times fulfill its obligations towards Players, and will provide further reassurance that Players' funds are always secure with PokerStars [/ QUOTE ] [/ QUOTE ] Yeah, I just noticed that. I'm pretty sure it specified the RBS last week.
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#6
10-12-2006, 07:16 AM
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Re: Barclays and RBS warn gaming clients on U.S
[ QUOTE ]
[ QUOTE ] From the FAQ: [ QUOTE ] PokerStars is proud to announce that, under new banking arrangements, an amount covering Players' account balances is held in segregated accounts, not used for any operational expenses. These segregated accounts are managed by a leading European bank. The arrangements ensure that PokerStars can at all times fulfill its obligations towards Players, and will provide further reassurance that Players' funds are always secure with PokerStars [/ QUOTE ] [/ QUOTE ] Yeah, I just noticed that. I'm pretty sure it specified the RBS last week. [/ QUOTE ] Me too, archive press releases refer to it as late as 9/25/06 Linky
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#7
10-12-2006, 08:16 AM
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Re: Barclays and RBS warn gaming clients on U.S
Doesn't UB use Royal Bank of Scottland?
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#8
10-12-2006, 08:33 AM
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Re: Barclays and RBS warn gaming clients on U.S
This is somewhat worrisome...anyone?
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#9
10-12-2006, 08:57 AM
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Re: Barclays and RBS warn gaming clients on U.S
Not exactly good news.
This whole issue is a rollercoaster. We get good news followed by bad news followed by good news. Then it all starts over again. Party pulls out, Full Tilt says we are here forever, Firepay surrenders, Neteller says were staying for now, Crypto caves and runs away, Poker Stars stays, Nolan Dalla resigns, Daniel Negreanu says the Republicans can stick it where the sun don't shine, and the whole cycle continues. I wish it was this time next year when we will really have a grasp of what has happened, this rollercoaster of good news and bad news is too much to take at times..
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#10
10-12-2006, 10:14 AM
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Re: Barclays and RBS warn gaming clients on U.S
[ QUOTE ]
Banking and gambling sources said the two banks had written to corporate customers asking them to confirm they are complying with U.S. gaming legislation. [/ QUOTE ] Hopefully, this was one of the reasons Stars did take so long to make their decision and their decision was made with the RBS position clearly known to them.
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