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NETELLER

1/25/07

It's interesting to float around the internet to different forums and read the feedback from players with money stuck at Neteller. There are some very trusting soles out there. One can only draw the conclusion that these people who are so optimistic, and are giving Neteller the benefit of the doubt, have not been around the offshore gambling world very long. Or, that they have very short memories. (Betonsports ring a bell?)

Perhaps a class action suit is the only way to go?

Let's see. Where do we start? For starters, does anyone believe for a second that Neteller can't make payments because they are backed up? Or because the funds aren't liquid? Both of those theories are preposterous. Neteller is not paying American customers, because they made a company decision NOT to. Why this decision was made is open to speculation. Which we will touch on later in this article.

Ok, so you say, it's business as usual for the rest of the world with Neteller. Maybe so. The rest of the world being 5% of their total customer base. I doubt it's even that high. European sportsbettors hardly use Neteller. There are other more popular money transfer options that have a larger chunk of the European market.

The excuse about not being able to pay because of 3rd party processors doesn't hold water. Look, Bodog, a huge sportsbook and poker entity, lost a 3rd party processor recently. In a matter of 2 or 3 days they were once again able to process check payouts. Remember something else as well. They are paying their Canadian clients, some of which have accounts in US dollars. If they can send a check to someone in Canada, in US dollars, or anywhere else in the world, than they could certainly send a check to an American. It's not as if there's someone at the border stopping all of their FedEx packages.

Initially Neteller told US customers that they had 2.5 million US customers asking for their money at once, so there was a backlog because it simply wasn't possible to keep up with the requests. Ok, well, if that was the case, there would be US customers who were at the front of the line who would have been paid by now. However, not ONE US customer has received a check from Neteller since this fiasco started. Not one check or EFT has gone thru to an American.

Yes, Americans are able to use their Neteller debit card to withdraw funds and by all accounts, this method is working fine. Why might that be? Perhaps because there is a $1000 per day limit on these cards, and Neteller can then effectively control how much money goes out. We're talking dribs and drabs here compared to what is held on deposit by US clients.

Neteller is supposed to be holding 110% of all of their customers funds in a separate, secured account. This would lead one to believe that the funds were accessible. Well, where's the money? That was one of the requirements with becoming a public company. None of this should make anyone feel any more optimistic or secure. I hate to be the one to remind people that Betonsports was also a public company and had to abide by similar rules. Yet, they stiffed all of their customers. Where did the money go?

When you call Neteller, you are speaking with customer service clerks who are reading from a script. They have no knowledge other than what they are being told to say by the higher ups.

Someone at Neteller knows the real answers, and they owe a legitimate explanation to the thousands of customers who put faith in their company. Without coming clean, and telling people exactly what is going on, lends itself to all kinds of speculation and rumors, and has to cause anyone in countries still able to do business with them to become skeptical about the company they are dealing with.

Also remember this. Neteller, the company, is under no legal prosecution. It's the founding members and now simply shareholders, who have charges pending. Not Neteller itself.

The gullible gaming public has been fed lies since the industry started some 10+ years ago. Those of you fairly new to internet gaming, would have no idea what I am referring to. However those of you who have been here for the ride, know full well what I am referring to. Far too many to list for sure. Where would I even start? How about how reputable companies once told US customers that their funds were secured by Lloyds of London! Remember that one? How many times have we been told that post up money for customers was kept in separate accounts and always available? How many times have players been slow paid, stalled and then flat out stiffed by offshore sportsbooks?

Those of you in the forums saying give "Neteller a break........they said 2-4 weeks and it's only been 1" need a reality check. You haven't been around long if you're making statements like that.

American players stuck at Neteller deserve answers. They need to be told WHY exactly it will take up to two months to receive their funds. The company owes people honest answers. Customers should settle for nothing less than that. At the very least, Neteller should make frequent press releases with updates on the situation, instead of simply paying customer service reps to read from script of answers for Americans.

So the jury is out. Will Neteller turn out to be the biggest stiff in offshore betting history? Prove us wrong Neteller!

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