Neteller issued an update to it’s position on the UIGEA.
In essence, they say that they will comply with the US law but that at this point they are unclear of what their obligation is and are waiting on the Secretary of the Treasury to issue guidelines.
Translation: Neteller will quit accepting US deposits to gaming sites sometime within the next 270 days.
NETELLER, a company registered outside the US, will comply with the Act and its related regulations as if it were subject to the Act’s jurisdiction. This action is intended to ensure that the Company is able to continue to operate with the support of its principal commercial partners and to protect its shareholders, business partners, employees and reputation.
Various provisions of the Act, including the obligations of financial transaction providers such as NETELLER, remain unclear. This uncertainty should be largely resolved when the Secretary of the Treasury and the Board of Governors of the Federal Reserve System issue the regulations they are required to prescribe within 270 days.
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Hi, my name is Bill Rini and this is my poker blog. I've been blogging about poker and the poker industry since around 2003-ish. Like most people I started out playing poker as entertainment in home games whenever we wanted to sit around and smoke cigars, drink beer, and eat pizza, and needed a good excuse. I started playing online shortly after the first online card rooms opened and it wasn't long before I was playing 20, 30, or even 40 hours a week or more. One day I received a phone call about a program manager position at Tiltware which was the company that consulted to Full Tilt Poker on software development and marketing. After Tiltware I spent about 2.5 years working at Party Poker where I was the poker room manager.
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Just curious… are there any repercussions if the Secretary of the Treasury and/or the Fed fail to issue regulations by the deadline? In essence, this could be a pocket veto by the executive branch of this particular provision…
He gets a spanking.
Again Bill, you are an idiot. First, Neteller will NEVER stop accepting my deposits. I guarantee that. Why, because, Neteller is a financial merchant – not a gambling site. I can use Neteller as an ewallet for buying anything were Neteller is accepted. Second, the new law is that CREDIT CARD companies (which Neteller is not) may not be used to transfer to gambling sites. Okay, big deal. All the cards I have today will not let me transfer SHIT to a gambling site. So, who wants to wager me $100 that 1 year from today you will still be able to use Neteller to transfer $100 to PokerStars?
Hi Roger,
Neteller has said in a press release that if the US gov says no transfers to gaming sites they’ll stop transferring money to gaming sites. What part of the Neteller press release sounded vague to you? They said they would comply with the law!!!!
Contrary to what you posted, the law isn’t limited to credit cards. In fact, it goes the other direction and names “other financial instruments” just to make sure that every possible way of transferring money from A to B is covered.
I’ll take your $100 wager on the following conditions:
1. This law is still in effect 1 year from today.
2. No additional laws weakening this law have been passed during the 1 year period.
If the law stands, as is, Neteller will shut down US customers approx. 270 days from now, if not sooner.
I accept your wager and look forward to you telling me which third party you find acceptable to hold our funds.
Bill