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01/18/2007 05:31 PM ID: 59596 Permalink   

NETeller Pulls Out of United States

 

The British money transfer firm NETeller has pulled out of the United States gambling market Thursday, after two of the groups founders were arrested in the US earlier this week. They face up to 20 years in jail if convicted.

NETeller was the largest company of its kind processing billions of dollars in American gambling transactions every year. The closure to US gamblers will cost the company over 65% of its business. Trading on the London Stock Exchange has been frozen.

NETeller will allow all Americans to withdraw their money from their accounts, but will not process any gambling related transactions, effective immediately. They have also blocked Americans from opening new accounts.

 
  Source: news.yahoo.com  
    WebReporter: ZCT Show Calling Card      
  Recommendation:  
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  7 Comments
  
  Wow...  
 
They're idiots. 65% of their business because they did broke the law? They're not incredibly smart.
-np-
 
  by: NicPre     01/18/2007 06:46 PM     
  @NicPre  
 
The law that outlaws online gambling? Ever heard of prohibition?
Another example of pompous americans trying to impose their rules/twisted moral code on the rest of the world.
 
  by: davesnews   01/18/2007 07:12 PM     
  @davesnews  
 
How could we not impose our moral code on the rest of the world? All Americans know its the only correct one.
 
  by: kuhl   01/18/2007 07:41 PM     
  @NicPre  
 
How are they idiots?

They started a legitimate multi billion dollar business in 1999 and floated it on the London Stock Exchange. In most free countries what they do is perfectly legal because in most free countries people are allowed to spend their money. Neteller is little more than an online bank account that allows you to transfer money around the world.

Thanks to an ill-conceived unfair and unjust bill that Bill Frist slipped into an unrelated anti-terror bill Americans are now being forced out of the gambling market. It is quite clear that millions of Americans like to gamble and they have every right to gamble online. But this new bill seeks to introduce prohibition instead of taxation and regulation. Pretty stupid, and pretty much against the concepts of freedom this country was founded on.

Neteller had little choice but to withdraw or the executives of that company could be arrested if they ever chose to visit the US. Their two founders are already going to have to fight this in court at a cost to them of thousands of dollars.

The question remains is this really a sensible use of our tax dollars? The anti-gambling bill legalizes among other things horse race betting. So they are actually going to prosecute these people on the basis that some Americans chose to gamble on the wrong sports, and the Neteller founders are going to be held accountable for facilitating the wrong kind of gambling. It's pretty silly when you can be arrested for allowing betting on greyhounds, but not on horses.

It's a sad day when international companies are deliberately crippled by the American government that are not acting in the best interests of the electorate. Millions of Americans like to gamble, and I've never seen a poll that suggests that the majority of Americans want their right to gamble online taken away.

Millions of Americans gamble on the stock exchange every day with online trading, yet that is legal. The law makes no sense whatsoever, and innocent people are suffering because of it.

If you are looking for someone to label an 'idiot' look no further from those that are passing these kind of stupid laws.
 
  by: ZCT     01/18/2007 09:33 PM     
  @kuhl  
 
lol
..
right?
 
  by: davesnews   01/19/2007 01:04 AM     
  @kuhl  
 
lol
..
right?
 
  by: davesnews   01/22/2007 08:01 AM     
  @kuhl  
 
lol
..
right?
 
  by: davesnews   02/14/2007 03:42 AM     
 
 
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