Neteller plays a new Hand

[Brock Landers]

LONDON -- NETeller PLC, which transfers money for Web gambling companies, improved its NetDirect service to enable customers to block payments from specific countries including the United States, where laws have been passed to shut down on-line gambling.

Isle of Man-based NETeller unveiled the changes following a 61-per-cent plunge of its shares on Oct. 2, after the U.S. unexpectedly approved legislation to ban credit card companies from collecting payments for bets. NETeller is seeking to guard itself against any further reaction by the U.S. and other territories that may seek to criminalize Internet gambling. The clampdown wiped $7-billion (U.S.) off European stocks and has forced World Gaming PLC to suspend its shares.

NETeller also said yesterday it has introduced websites in Danish and Swedish to help expand outside the United States. In addition to its main website in English, the company has others in German, French, Spanish, Italian and Japanese.

 

[charliepeete]

on the way to canada right now....................uppy:

 

[Brock Landers]

Seems neteller put the impetus on the places money would be transferred to "stop" the transfer...

Took the liability away from themselves. Which is fine with me.

 

[Dante]

so what does that mean??? they enable customers to block payments

 

[Brock Landers]

so what does that mean??? they enable customers to block payments

Not sure, guess we need to ask them! Seems vague.

 

[rancher]

so what does that mean??? they enable customers to block payments

i think "customers" there refers to books/casinos/pokerrooms... those places that no longer want US facing transactions from Neteller can use NetDirect to block them.

 

[orbit]

the "customers" neteller is talkining about I assume is the sportsbook .... meaning they have now given the power for, say, sportsinteraction to make the decision as to either take deposits from US players or not ... and now neteller can claim they have put the right processes in place to be in compliance ... brilliant if it works!

 

[Dante]

THANKS GUYS FOR clarifying that

 

[TTinCO]

What this means is that it is up to their clients(books) to decide whether or not to deal with US customers.

GOOD NEWS!!!!!!!

 

[da1prophet]

What this means is that it is up to their clients(books) to decide whether or not to deal with US customers.

GOOD NEWS!!!!!!!

Yep...and we know who will and know who won't...

More significantly, its just the sort of CYA statement you'd see from a public company to make it look like they're doing something, which keeps the shareholdes happy...

All in all good news, though not particularly significant IMO

 

[sean1]

Very significant.

They have chosen this route over closing.

Now maybe the government will tell them no go in which case they can spin it off to a private company.

Sean