Mother of Invention Betting on Gamblers

Submitted on Tue, 2007-02-06 11:24Despite all the difficulties facing the online gambling industry, particularly in the USA, it would appear that the mother of invention is throwing her support squarely behind gamblers.

Of the many sectors of the online gaming industry feeling the U.S. government's pinch following the passage of the Unlawful Internet Gambling Enforcement Act, are those companies facilitating the way in which players deposit and withdraw money. Otherwise known as eWallets, NETeller, perhaps the largest of the dozens of payment processors out there, last week announced their decision to stop accepting wagers from U.S. residents.

This came after NETeller co-creators, John Lefebvre and Stephen Lawrence, were arrested last month and charged with racketeering and money laundering. According to the U.S. Department of Justice, millions of dollars have left the country through NETeller's operations.

But low and behold, though not to the surprise of many industry insiders, new business models are already filling the voids created by those firms folding their U.S. cards. YouTeller, the latest third party payment processor set to hit the cyberscene in March, claims customers shall be able to send, receive, deposit and withdraw money for free from their bank accounts with the use of a credit card.

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