Online casino games results of year 2007. Part one.
Below is a MRR and PLR article in category Recreation Sports -> subcategory Gambling Casinos.
Online Casino Games: Insights from 2007 ?" Part One
Overview
Many hoped that 2007 would be a favorable year, avoiding any unpleasant surprises. While people may have wished the same for the online gambling industry, the year brought its own challenges. Let’s delve into the key developments in online casinos and online poker during 2007.
Changing Landscape
The difficulties began in 2006 with the USA enforcing laws prohibiting online casinos and poker rooms from accepting American players. Financial institutions were also restricted from processing gambling transactions for Americans. Many platforms quickly barred U.S. players, though some initially continued to operate.
The Neteller Incident
Troubles escalated in February 2007 when two former executives of Neteller, a popular payment system for American gamblers, were arrested in the U.S. Consequently, $55 million of Neteller’s assets were frozen, leading them to stop servicing American clients.
Neteller was the primary payment option for U.S. players since most American credit cards and banks would not facilitate gambling transactions. As Neteller ceased operations for Americans, alternative e-wallet services like Click2Pay, MoneyBookers, and FirePay pulled out earlier, leaving ePassport overwhelmed by the demand.
Legal and Global Repercussions
Many in the U.S. anticipated intervention from organizations like the World Trade Organization (WTO) to challenge the online gambling restrictions. However, the WTO’s compensation to affected countries, like Antigua, was minimal and unrelated to gambling. Efforts by politicians and the Poker Players Alliance to amend the law resulted in little progress, leaving online poker and casino games largely unregulated in the U.S.
Industry Stagnation
Previously, online poker rooms experienced rapid growth, doubling every six months. However, 2007 marked a slowdown. Those that excluded American players struggled to regain their prior success, except for networks like iPoker, which expanded by acquiring other European networks. SportingBet even closed one of the most popular online poker rooms, Paradise Poker.
In conclusion, 2007 was a challenging year for online casinos and poker rooms, particularly due to the restrictions imposed on U.S. players. These developments significantly impacted the industry's dynamics and growth trajectory.
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