So it looks like the US is charging the founders of Neteller with money laundering (or at least conspiracy to do such). My guess, based on the fact that it seems they were under investigation long before the UIGEA, is that the US is beating them up over the wire act and sports gambling. Unfortunately I’m also guessing that this will expedite Neteller’s exit from the US market. In fact Neteller turned off InstaCash within 24 hours of the arrests. It also sends a message to other money transfer/e-wallet sites that the US has no problem making a connection between the money transfer method used and those committing the crime.

Neteller is the 800lb Gorilla in the money transfer biz and when they exit the market it’s going to be a downhill slide for the rest of the industry. As I wrote about previously, the online poker sites that stay open are going to get suffocated out of the business due to choking off US deposits. Obviously sites like PokerStars will survive but will be substantially weakened. Other sites won’t be so lucky and will eventually collapse altogether.

Of course, I don’t think your money is at risk on Neteller but they could be exiting the US market soon so I would suggest either transferring funds to your favorite online poker site or back into your bank account.

Just look at this map of payment methods available to US players on PokerStars

PokerStars Deposit Window

Neteller soon to be gone

Instant eChecks will likely go away as they are basically an electronic check and are one of the few checking methods that can be coded

ePassporte is a credit card proxy so you can’t withdraw to it and the credit card companies will likely cripple them once the UIGEA regs are passed

Visa is closed to US players

MasterCard is closed to US players

Central Coin is an unknown

Diner’s Club is closed to US players

SWIFT is closed to US players (UK payment solution only)

Western Union has never approved of money transfers to gaming sites and will likely clamp down even further in the future

Money Orders are still possible but a pain in the ass

Bank Wire Transfer will go away as soon as the UIGEA banking regs are passed

Online Bank Transfer is the same as Bank Wire Transfer

PaySafe Card is an unknown

This is the beginning of the end.

Ship It Holla Ballas!

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About Author

Bill Rini has been working in the online poker industry since 2004. He was a product manager for poker at Full Tilt and was the poker room manager at PartyPoker. Currently, Bill is the Head of Online Poker for WSOP.   Bill has been blogging about online poker since 2003 and is considered one of the leading authorities on the online poker industry.   "I like What Bill Rini said in his blog" - Doyle Brunson   "In other news, we had Bill Rini write an absolutely home run blog." Daniel Negreanu   "Industry insider Bill Rini has one of the most popular blogs in poker, with thousands of subscribers and fans regularly coming back for his universally respected insight into the industry" - Barry Carter (News editor for PokerStrategy, Co-Author: The Mental Game of Poker)

(4) Readers Comments

  1. Pingback: The Mookie - Ride That Donkey - Cause Everyone Else is Doing It… - Low limit poker, random life observations and home of The Mookie…

  2. I do what I can, Shamus :-)

  3. Much thanks, also.

  4. Bill: “I would suggest either transferring funds to your favorite online poker site or back into your bank account.”

    Read this yesterday afternoon and happened to do exactly what yr suggestin’ (moving what I had in Neteller back over into a currently low-funded site on which I play) maybe an hour before Neteller shut the door. Much tanks for the heads-up, man.