The latest news coming from the US comes complete with its own gurgling sound of something going down the drain.  Neteller co-founder Stephen Lawrence has pleaded guilty to conspiring to transfer funds with intent to promote illegal online gambling putting further pressure on the Isle of Man-based company.  That gurgling sound may just be those funds of US customers caught up in this ugly legal dispute – funds that still have not been paid back to their rightful owners.

News of the death of Neteller may be somewhat premature, but this development involving its founder must surely have dire ramifications for the company itself.  At best, Neteller’s reputation, rightly or wrongly, must surely now be beyond repair.

For those of us in the online bingo industry, both operators of online bingo halls and people who play free bingo online, the news makes for a pretty sober look at the financial side of the online gaming industry.  The hope is that Neteller’s woes translate into a more transparent and better operated industry that inspires confidence and trust, both from customers and the authorities.

II have a sneaking suspicion things are only now starting to hot up regards the Neteller saga.  What do you think?

Written by John Witherspoon - Play bingo online at http://bingostreet.com/ and read celebrity gossip.

This entry was posted on Tuesday, July 3rd, 2007 at 1:38 am and is filed under Online Bingo. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.