EcoCard Ltd to Cease Gambling Funding
Neteller, USAO Reach Agreement
The British company has yet to make an official statement to this affect but it has started to tell online casinos that they will not be dealing with them anymore.
"EcoCard has informed us, and I'm sure other casinos as well, that they will be pulling out of the US gaming market and replacing their EcoCard payment option with a new option," said David Brickman from online casino site The Jackpot Factory according to their website.
"They will transfer their existing US customers over. Only players who have accumulated $500 or more in transactions will be invited to move to the new payment method."
Luckily for gamblers, EcoCard was never a popular method of funding gaming accounts. This was because they charged high service fees. Most web casinos did not even offer them as a solution for funding gaming accounts.
In other online casino news, popular payment processor Neteller has reached a settlement with the United State's Attorney's Office on a Delayed Prosecution Agreement. This agreement will see Neteller pay the US Government $136 million in penalties for violating US law by funding casino accounts.
The two top executives in Neteller have already pleaded guilty to criminal charges brought against them.
Netteller has been holding US member's funds for several months since the USAO's investigation into their practices started. They have announced today that a payment plan will be started to pay out all of the members' money. This plan, according to Neteller's website, will start on July 30th, 2007, because the investigation into Neteller is now over.
The actions against Neteller were the first full-scale investigation into an internet payment processor for funding online gaming accounts. George W. Bush signed a bill into law earlier this year that makes it illegal for any bank of financial service to fund internet gaming. The Isle-of-Man based Neteller is also the first payment processor to face penalties stemming from this law.
Before the US Government's investigation into Neteller, they were the most popular method of funding online gaming accounts, racking up millions in revenue from US players alone.
Information from the United States Attorney's Office, Neteller.com, EcoCard.com and Jackpot Factory was used in this report.
The USAO's agreement with Neteller can be found HERE.
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3 Comments
Post a CommentI'm being robbed by ecocard at $ 2,000. They say that i do not meet the terms and conditions for not giving me my money
good article.I thought my money that was in NETELLER was lost forever. I guess it is possible that I may get it now. YIPPPPEEEEEEE!!!!!!!!!
I had not heard of EcoCard before.
Sophie