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Neteller Arrests Already Causing Internet Gambling Changes

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Late Tuesday night Internet gamblers in the United States were greeted with the first repercussions from the Neteller arrests. No more 'InstaCash' methods of depositing funds.

Some time mid-Monday in two distant airports the founding fathers of billion dollar company, Neteller, were arrested and charged with money laundering, a federal crime punishable by up to 20 years in a United States penitentiary.

Tuesday morning the online gaming community humbly watched and read as the speculative news stories about the arrests were published across the globe. Tuesday night the speculation started to develop into answers as one United States online gambler went to deposit money into his online casino account using the famous 'InstaCash' deposit method only to find Neteller stopping the transaction.

The online gambler quickly called Neteller to receive a not-so-shocking answer. Neteller, the gambler was told, would no longer be allowing InstaCash methods for users in America.

The community gasps in fear.

Neteller released official statements on Tuesday announcing that the two arrested founders no longer held positions with the company and therefore had nothing to do with them. Although they were right on one point, neither still work for Neteller, investigative reporters found that each still holds more than 5% of the shares of the company.

The company representatives continued to say the arrests would have no effect on how they operate in the future. However, it has been less than 8 hours since the statement was made, and Neteller has already changed a small portion of the way they do business.

Of course, the move may not be because the arrests were of former employees, the change may have been made just because it is a smart thing to do.

InstaCash is a method that Neteller came up with to sort-of bypass Neteller altogether. Typically how Neteller works is that you deposit money into the account, then use that money wherever Neteller is accepted, at gambling sites and otherwise. However, InstaCash does not need you to deposit money into Neteller.

If you use the InstaCash method to deposit funds to a merchant you give the last 4 digits of your bank account that you first registered with Neteller, and deposit straight from that bank account to the merchant who accepts that method.

So it does make sense that Neteller banned United States citizens from using that method, but it is some great coincidence that it comes on the same day charges were revealed about the arrests of their two founding members.

More repercussions are surely soon to follow.

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