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UIGEA Screws Tightening on Pro Net Gaming Offshore Banks!
Another very interesting front page article today over at gambling911.com that could have huge ramifications for online poker in the not too distant future. Name of article is; "Online Gambling Friendly Bank In Curacao Warned."
In a nutshell: Giro Bank, which is located in Curacao, and does business with a number of online gambling sites, was warned by its corresponding United States bank to either stop doing business with net gaming companies or lose the relationship with the US bank. This is of course more fallout from UIGEA and it will only continue to grow. I do not know if any of the poker sites do business with Giro Bank. But what is really important here is that US banks are now starting to directly tell offshore banks that they must either stop doing business with online gaming companies...and of course poker is included here...or have their relationship with the US bank ended. Well, it is only a matter of time--probably no later than June--before all the US banks that deal with offshore banks who do business with online gaming companies, give those offshore banks such an ultimatum. And then what happens?? The sites are totally cooked if they choose to continue to do business with the US is what happens. This is beacause, obviously, no site can operate without having a relationship with an offshore bank-- and to do business with US players that offshore bank must have a relationship with a United States bank. No offshore bank/US bank relationship, no doing business with the United States players for the online sites. As we move closer and closer to June you will be seeing more and more of this. I do not see how the remaining US friendly poker sites will be able to continue doing business with US players in such an environment. |
#2
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Re: UIGEA Screws Tightening on Pro Net Gaming Offshore Banks!
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Well, it is only a matter of time--probably no later than June--before all the US banks that deal with offshore banks who do business with online gaming companies, give those offshore banks such an ultimatum. [/ QUOTE ] What about the US banks, like mine, who are still doing business with online gaming companies? When do you predict they will -- I guess -- give an ultimatum to....themselves? What about all your other predictions over the last two or three months that have failed to materialize? You're full of crap, gaboon. |
#3
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Re: UIGEA Screws Tightening on Pro Net Gaming Offshore Banks!
1. When UIGEA fully kicks in the US banks MUST COMPLY.
2. My predictions have been SPOT ON. |
#4
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That is business as usual for this industry
Bottom line of press report: Off-shore bank gets pressure from US correspondent bank to drop gaming business.
Newsflash to Gaboon ---- Dateline this 2000, 2001, 2002, 2003 .... This is nothing new to the industry. This exact scenario plays out periodically over the last 7 or so years. ANY online gmaing company plans for this and has redundancy in banking already in place. Also, the spin-off of US facing operations gives "friendly" banks cover. The only interesting angle is that online gaming is expressly licensed by Curacao, Giro Bank is part of the Netherlands banking system AND there apparently was no differentiation between doing business with US facing companies and non-US facing companies (which perfectly licensed and legal). This Giro Bank story isn't really news either. It surfaced some weeks ago in the industry. "I do not see how the remaining US friendly poker sites will be able to continue doing business with US players in such an environment." --- That is why you are not suitable material for the online gaming industry. The UIGE Act clearly hurt the US online poker industry, both onshore and online. Poker Prohibition however did not erase much of the demand for poker services. There will continue to be a market, albeit a much smaller one, for online services. The challenge will be in getting players comfortable and willing to send funds to sites. That is a very different challenge than the sort of off-shore banking issues your story refers to. Swing and a miss, gaboon. Sorry. |
#5
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Re: UIGEA Screws Tightening on Pro Net Gaming Offshore Banks!
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2. My predictions have been SPOT ON. [/ QUOTE ] From a post of yours on 2/15: ePassporte is just about done folks. Pull your cash out NOW if you can. Gee do I still have time or is it too late??? Even a broken clock is right 2x a day, so I'm sure when one of your shotgun spread predictions comes true we will have to endure your celebration |
#6
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Re: UIGEA Screws Tightening on Pro Net Gaming Offshore Banks!
"US banks MUST COMPLY" ...
And, if paper checks and EFTs are exempted from the scope of their compliance responsibility, as many suggest, ... why wouldn't the online industry adapt to thosemethods for the US market. It may not be as smooth, easy, efficient or open, but why do you think a market demand will go unmet ..... That seems downright UnAmerican of you Gaboon. |
#7
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Re: UIGEA Screws Tightening on Pro Net Gaming Offshore Banks!
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1. When UIGEA fully kicks in the US banks MUST COMPLY. [/ QUOTE ] Maybe. Have you seen the regs? [ QUOTE ] 2. My predictions have been SPOT ON. [/ QUOTE ] No. Please review your previous 50 posts. |
#8
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Re: UIGEA Screws Tightening on Pro Net Gaming Offshore Banks!
..... uhmmm, Leap. I wouldn't put that one up as an example. I have a nagging fear that epassporte is too exposed within the US, as WERE Full Tilt and PStars operations at one time.
FTP and PStars pulled up stakes, moved to friendly shores and retained their US market from offshore. Unfortunately, epassporte does not seem as nimble. .... Also, epassporte may have residual Wire Act exposure, unlike a hypothetical, new poker-only processing service. |
#9
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Re: UIGEA Screws Tightening on Pro Net Gaming Offshore Banks!
Milton, its possible ePass may be on the way out in a few months, who knows. My point is gaboon constantly makes alarmist posts, that was almost a month and a half ago and the tone was get your money out yesterday.
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#10
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Re: UIGEA Screws Tightening on Pro Net Gaming Offshore Banks!
I'm sorry people. Nobody likes the bearer of bad tidings, but gaboon's reasoning is sound.
I recall when the first post was made about the Neteller arrests (I don't recall who posted it). The guy was lambasted as being Chicken Little, "you don't know what you're talking about and should be banned." We all know how true that rumor turned out to be. |
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