Online Gambling & Betting Still Strong via Digital Currency
2006 was a tumultuous last year for online casino gambling. In July, David Carruthers CEO of BetOnSports was arrested in Texas while making a connecting flight from the UK to Costa Rica. He and others were charged with allegedly committing conspiracy, racketeering and fraud while taking sports bets from U.S. residents. Later in September, Peter Dicks CEO of Sportingbet was also arrested at JFK Airport on a warrant issued by Louisiana from an investigation of illegal gambling activity dating to May of 2006.
The DOJ is seeking the forfeiture of $4.5 billion in USD, cars and computers from the BetOnSports defendants…most of whom reside outside of the US. The final blow to US online gambling came late in 2006 when President Bush signed the Unlawful Internet Gambling Enforcement Act, attached to the Port Securities Bill, making it illegal for US banks to accept payments from online casinos and gambling websites. Its a shame that the US just did not follow Britain’s lead and legally tax the proceeds. That is around 6 Billion a year from US players.
Now….since it is almost impossible to stop Internet gambling because of the freedom which comes along an Internet connection, the US is trying to prevent Internet gambling by prohibiting access to funding vehicles such as US credit cards and bank processing. That is precisely what the bill accomplishes, it stops the US connection to online gambling through US credit card and banks. Federally regulated establishments.
Online Payment Systems & Digital Gold Currency
This first group are most commonly referred to as ‘Online Payment Services’ or eWallets. To understand more about this type of digital payment you can read this previous post. Three popular online financial services still accepted for gaming and bets are:
- Moneybookers - An e-payment wallet or ‘eWallet’ which enables anyone to quickly and cheaply transfer money into a ‘virtual’ Moneybookers account. They offer direct banking in over 30 countries.
- NETeller - An online payment service. A NETeller account is another eWallet allowing you to deposit, withdraw, and transfer funds to any merchants that support NETeller Online Payments. Including casinos.
- Firepay - A free personal Web-based account that works like a debit card - you deposit money into your FirePay Personal Account, and then use the ‘virtual’ money to purchase goods and services online.
Not to mention online gaming webs accepting digital gold currency like TheGoldCasino. The Gold Casino ONLY accepts DGC. Their stock has been on the rise ever since mid last year. Find it on dBourse at around 115-117 per share. dBourse even pays stock dividends in digital gold currency.
The Gold Casino accepts e-gold, 1MDC, GoldMoney and Pecunix which anyone can buy from an online third party exchange agent in any of a two dozen countries around the globe including the US. The Gold Casino players seem totally unaffected by the new US laws. Besides The Gold Casino, most online betting Webs will now also accept Webmoney which is another easy to obtain digital currency based in Russia. Most all digital gold currencies such as e-gold are easily changed into Webmoney by a third party agent.
TheGoldCasino offers Blackjack, Slots, Video Poker, Roulette, and multiplayer games. The Gold Casino requires no download and they are all Flash games. You can instantly withdraw your entire balance of gold (including winnings) at any time, in real time. It is commonplace for players to withdraw kilograms of gold (tens of thousands of Euros worth of gold) in real-time, instantly. There are no restrictions on withdrawals at The Gold Casino.
Where Does It Go From Here?
The UK plans to further regulate the industry and encourage offshore companies to base their headquarters in the UK. While they will generate more taxable income, the US will get simply more headaches from the overload on banks, merchant service companies and ISPs tracking transactions and it is still possible and practical to gamble online from the US.
Tags: 1MDC, BetOnSports, David-Carruthers, e-gold, Firepay, GoldMoney, Internet-Gambling, Moneybookers, Online Gambling, online-betting, Pecunix, Peter-Dicks, SportingbetRelated Stories
POSTED IN: Digital Gold Currency, GoldMoney, Moneybookers, Online Currency, e-gold
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