NetTeller arrests

[Talking Poker]

Wait... you're in Canada. What are you worried about?

[Boobie Lover]

I'm pretty sure if US customers get screwed out their money, everyone in the world is going to get screwed out of their money. It's not like Neteller is going to seize all the US money, but yet still allow Brits to process funds through there. I'm not saying that the possiblility of losing money from Neteller is even .000001% likely, but your logic is sort of faulty.

[Talking Poker]

First of all, Neteller isn't going to "seize money" from anyone. They are a legitimate, profitable business and would remain so even without dealing with the U.S. market. There is no reason to close up shop if they decide not to deal with U.S. customers any more. It's similar to how Party Poker didn't screw anyone out of the money in their accounts and is still open for business with the rest of the world.

But just for kicks, let's say that Neteller - a publicly traded company that makes gobs and gobs of money from their non-U.S. customers - decided they DID want to screw the world over and steal as much money as possible before disappearing to.... somewhere... (Good luck with that). Anyway, if they were going to do that, don't you think they'd empty your bank account first? You know, the one that you have linked to your Neteller account? I mean, why not?

It's ridiculous, and it's not going to happen. Your .000001% estimate is way high.

[2Tone]

I agree that NetTeller it is extremely unlikely to abscond with people’s money. It not like major companies don’t sometime practice theft and/or criminal acts as a matter of policy – Enron, anyone? – but I don’t think that is going to happen in this case.

What I do suspect will happen is that Netteller will pull out of the US market. They warn of this possibility in their latest filing

and that will likely have very chilling effect on online poker.

I’m very curious about ...
Whether it was NetTeller other activity that got these guys busted. To me “an Internet payment services company that facilitated the transfer of billions of dollars of illegal gambling proceeds from United States citizens to the owners of various Internet gambling companies located overseas” sure sound like NetTeller. Is any other service moving billions (with a ‘B’) of dollars?

What impact this will have on the WSOP/Poker Expo/pro endorsements? I can’t imagine any Stars/Full Tilt officers would be willing to set foot in the US right now. Where does leave Doyle and Full Title pros? Doyle especially seems vulnerable. And will the sites shell out major marketing dollars for their .net ‘schools’ at the Expo next year?

[Talking Poker]

Don't forget about affiliates - the potential impact on guys like me.

Right now, they seem to be going after the obvious (BIG) targets to stop the flow of money.... but who knows what the future holds?

It really is a shame the U.S. is handling this all so poorly.

[Boobie Lover]

My point wasn't that money would get seized, it was that IF (even though the possibility is close to nil) it would, EVERYONE would be fucked. So, saying, "you are canadian, what are you worried about?" is pretty much the same as saying "you are a US citizen, what are you worried about?"

[Talking Poker]

Well, I wasn't addressing the paranoid "what if they steal all your money" issue. I was addressing the "If they pull out of the U.S. market, having money there could cause a headache for U.S. customers who need to find a way to get it back - especially if they make everyone take a check and then you can't get your money from there (the check) back to your favorite poker sites easily" issue. This obviously wouldn't be a problem for non-U.S. citizens.

[PShabi]

Bodog dropped Neteller as a deposit option. Still available to withdraw to neteller though.

[JDMcNugent7]

i seriously cried when i read this.