Casino News: UIGEA claims another victim
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UIGEA claims another victim August 2, 2007, 3:20 pm (4 years ago)E-payment solution Eco Card has announced that it will cease operating in the US market on August 24, 2007.
The fallout of the United States’ Unlawful Internet Gambling Enforcement Act is thought to be the main reason behind the decision. The UIGEA outlawed payment by bank or credit card companies to internet casinos, poker rooms and other online gambling companies. The law is known to have hit online gaming companies hard – some depended on the US market for as much as 80 percent of their revenue. This has led to increased investment by gambling operators in Europe and other parts of the world. Speculation had been growing for months that Eco Card was going to leave the United States market, and it confirmed the move this week. Eco Card did not directly say it took this action because of the UIEGA, but it is generally believed that this is the case. No accounts will be closed after August 24 as customers in the United States will still be able to use their account for non-internet gambling related purposes. Withdrawals and person to person money transfers will still be possible. None of the changes will apply to customers outside the United States and all transactions will continue as normal. The move follows Neteller’s withdrawal from the United States market. Eco Card had become one of the most popular payment methods and its decision to withdraw from there limits choices further.
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