Offshore Gaming Update July 2007
Below is a MRR and PLR article in category Business -> subcategory Other.
Offshore Gaming Update: July 2007
Summary
Offshore banks across various jurisdictions are closing accounts associated with online gaming firms, significantly impacting the industry.Key Points
Offshore Banking Crackdown
Many prominent offshore banks have decided to close accounts belonging to online gaming companies. This includes major jurisdictions, making it increasingly difficult for these sites to process payments. Without bank accounts, even credit card transactions are blocked from transferring funds. The future of offshore gaming is uncertain, with some areas, like Panama, refusing to open new accounts for these ventures. Most gaming sites are licensed in places such as Costa Rica.Neteller's Settlement
In an effort to avoid prosecution by the United States for violating online gaming laws, Neteller has agreed to forfeit $136 million. While they can continue operating, they will be closely monitored to ensure they don’t engage with American customers. After 18 months of compliant oversight, charges against them may be dropped. This likely involves thorough review of account records and ID verification.Industry Outlook
The offshore gaming industry's survival hinges on finding effective payment solutions. However, the recent banking cutoff poses a significant challenge. Without accessible bank accounts, the industry faces a bleak future.Online Gambling in Panama
Panama is not a viable option for online gambling due to the lack of accessible bank accounts and costly licenses.The crackdown on offshore gaming banking emphasizes the industry's growing challenges and uncertain future.
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