See the below article. It states that Neteller is going to abide by the new law. Does anyone have any additional information??
Online poker plays its last hand
New law prohibits internet gambling, sites shut down
November 1, 2006
By Niraj Sheth
If Congress has its way, playing online poker may no longer be a way for students to pay off loans or buy new cars. A new federal law against Internet gambling is stifling online poker rooms, though its effectiveness in stopping the online gambling craze is not yet clear.
Enlarge
Alexander Naruhiko Chee
Some of the more popular online gambling sites, including PartyPoker.net and PokerRoom.com, have already announced that they will stop serving U.S. customers.
“We will have implemented the technical solution to restrict all customers within the U.S. from accessing our real money games starting Monday, Nov. 6,” said PokerRoom.com in an email to its clients. The company will continue allowing U.S. players to access its “play money” games.
Other online poker rooms, meanwhile, are flouting the new rule and continue to allow U.S. customers to play with real money. Full Tilt Poker and Pokerstars are two that have seen more players, including Stanford students, flock to their sites since the new regulations.
Despite the new restrictions, Stanford’s cyber poker sharks don’t expect to stop betting big anytime soon.
“I suppose they’ll just switch to whichever sites are still operational,” said senior and Daily columnist Nate Solon about other online players. “Though that itself is somewhat troubling, since only the least law-respecting sites will keep running.”
Other students confirmed that they plan to continue playing online, even if it means taking their business to more difficult tables.
“The games are much tougher, as people who take the trouble to redeposit onto other sites are probably good regulars anyway,” said one Stanford student, who wished to remain anonymous because they plan to break the new law. “However, I’ve still found it profitable and will continue to play online poker.”
While several online poker venues remain open, it is not clear if there will still be a way to transfer funds online to these Web sites. Most sites depend on third-party escrow services to get money from their customers. Players deposit money into these third parties before transferring those funds again to the gambling site of their choice.
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However, Neteller, the biggest and most popular of these fund transfer services, has already announced that it will obey the law.
“Neteller, a company registered outside the U.S., will comply with the act and its related regulations as if it were subject to the act’s jurisdiction,” the Canadian company said in a press release.
Using credit cards is generally not an alternative. Since 2001, Visa and MasterCard have not allowed direct transfer of funds from credit card accounts to online gambling Web sites.
Some students dismissed the impact of Neteller’s decision, saying that “there will likely be another substitute that comes along.”
While the reactions of the $12 billion gambling industry have been as mixed as those of online poker Web sites, there is a consensus that the law will not be as effective as some of its sponsors may have hoped.
“The one thing that the senators and the president fail to see is that gamblers want action, and by passing this law, the action has gotten a bit more dark and scary and local and a black-and-white version of illegal,” said Jim Quinn, a spokesman for the Off-Shore Gaming Association.
Others were a bit more reserved.
“The American Gaming Association does support the creation of a study commission to look into how the U.S. can best address the entire issue of online gambling,” said Holly Thomsen, a spokeswoman for one industry lobbying group.
The law, known as the Unlawful Internet Gambling Enforcement Act, was attached at the last minute as an amendment to the SAFE Port Act. Congress passed the bill on Sept. 30, and President Bush signed it into law on Oct. 13.
Online poker plays its last hand
New law prohibits internet gambling, sites shut down
November 1, 2006
By Niraj Sheth
If Congress has its way, playing online poker may no longer be a way for students to pay off loans or buy new cars. A new federal law against Internet gambling is stifling online poker rooms, though its effectiveness in stopping the online gambling craze is not yet clear.
Enlarge
Alexander Naruhiko Chee
Some of the more popular online gambling sites, including PartyPoker.net and PokerRoom.com, have already announced that they will stop serving U.S. customers.
“We will have implemented the technical solution to restrict all customers within the U.S. from accessing our real money games starting Monday, Nov. 6,” said PokerRoom.com in an email to its clients. The company will continue allowing U.S. players to access its “play money” games.
Other online poker rooms, meanwhile, are flouting the new rule and continue to allow U.S. customers to play with real money. Full Tilt Poker and Pokerstars are two that have seen more players, including Stanford students, flock to their sites since the new regulations.
Despite the new restrictions, Stanford’s cyber poker sharks don’t expect to stop betting big anytime soon.
“I suppose they’ll just switch to whichever sites are still operational,” said senior and Daily columnist Nate Solon about other online players. “Though that itself is somewhat troubling, since only the least law-respecting sites will keep running.”
Other students confirmed that they plan to continue playing online, even if it means taking their business to more difficult tables.
“The games are much tougher, as people who take the trouble to redeposit onto other sites are probably good regulars anyway,” said one Stanford student, who wished to remain anonymous because they plan to break the new law. “However, I’ve still found it profitable and will continue to play online poker.”
While several online poker venues remain open, it is not clear if there will still be a way to transfer funds online to these Web sites. Most sites depend on third-party escrow services to get money from their customers. Players deposit money into these third parties before transferring those funds again to the gambling site of their choice.
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However, Neteller, the biggest and most popular of these fund transfer services, has already announced that it will obey the law.
“Neteller, a company registered outside the U.S., will comply with the act and its related regulations as if it were subject to the act’s jurisdiction,” the Canadian company said in a press release.
Using credit cards is generally not an alternative. Since 2001, Visa and MasterCard have not allowed direct transfer of funds from credit card accounts to online gambling Web sites.
Some students dismissed the impact of Neteller’s decision, saying that “there will likely be another substitute that comes along.”
While the reactions of the $12 billion gambling industry have been as mixed as those of online poker Web sites, there is a consensus that the law will not be as effective as some of its sponsors may have hoped.
“The one thing that the senators and the president fail to see is that gamblers want action, and by passing this law, the action has gotten a bit more dark and scary and local and a black-and-white version of illegal,” said Jim Quinn, a spokesman for the Off-Shore Gaming Association.
Others were a bit more reserved.
“The American Gaming Association does support the creation of a study commission to look into how the U.S. can best address the entire issue of online gambling,” said Holly Thomsen, a spokeswoman for one industry lobbying group.
The law, known as the Unlawful Internet Gambling Enforcement Act, was attached at the last minute as an amendment to the SAFE Port Act. Congress passed the bill on Sept. 30, and President Bush signed it into law on Oct. 13.
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