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Reply To: Hold Your Horses – This panic isn’t helping anyone!!!

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#709147
Anonymous
Inactive

What will most likely happen is consolidation. First, the smaller casinos that relied heavily on US revs will either fold or be bought out by larger ones to get the non-us customer base. There maybe deals already in the works.

The US banks and US creditcard companies (many credit card companies have been doing this anyways. Not because of laws per’se but because players were ringing up big gambling charges and defaulting on payments. Congress mostly Republicans I might add, also passed a new bankruptcy law last year making it nearly impossible for those in debt to get a clean start. Most debt was wiped out now those that ring up debt even from medical bills or divorce are on the hook, sometimes for for years.)

will revise their merchant codes to block US money from going to casinos and more likely than not NETeller type accounts.

The banks were against the new gambling law mostly because of the additional costs and liability. However, there is wording in the law that states
if a bank operating as a “normal bank” transfers money to a casino they won’t be held responsible. (liable)

Soon the US Treasury and a couple of other governmental agencies will determine exactly which funding instruments ie.. the NETellers this will affect.
Even though this must occur with the next 270 days, once the president signs the bill it automatically becomes law.