Poker Perambulation

I visited Iggy’s well … RGP. The anguish is palpable. People are trying to cash out and they ain’t goin through.

It really isn’t a cause for serious worry, yet. It appear that Barclay Brothers Bank has probably stoppered the well and halted EFT transfers. Listed companies — even in England — conform to the rules of another country. Not a big choice for that. Even though the UIGEA isn’t the statute being used to go after the two former Neteller officers, the wire act has been around for a long time. Sports betting and money transfers to said sites happened all the time and that is the law being cited in the indictment of Netellers.

I’m no lawyer but it isn’t the strongest case. But, folks like Barclay Bros. aren’t going to swim with the sharks here. So, you’re refund is not going to take place in the normal manner. Realize though that the money is there and safe in escrow. If it is big money you are mad as hell but you aren’t out. If you’re small potatoes like me, it is a petty annoyance.

Neteller has fiduciary responsibility to a number of parties. It must protect its stock holders from legal action and that means our claims will be process in a responsible and timely manner. Timely, of course, isn’t what it was last week.
ADDENDUM:

The other question is: How does this affect the demographics of our poker world?

The word on the street is that the fish are the ones who will leave. It is a likely scenario. But, I would call it the slam-dunk that others are postulating. You can walk into any casino and find fish playing with serious money. They are there for some enjoyment and have invested time and travel to give away their money. There will be fish finding a way to play online. There will be juicy games; just probably not as many. Over time the new path to funding will clear and Joe Average will again throw a few bucks in his account.

Let’s not jump to conclusions. I’m drawing in a bit but I’m not giving up.

This entry was posted on Saturday, January 20th, 2007 at 10:01 am and is filed under Journal, Misc., Poker Other, poker legislation. Responses are currently closed, but you can trackback from your own site.