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October 18, 2006

Email - FirePay aka Optimal Group Stops Gambling Payments

posted by MR WAVETHEORY at 10/18/2006 01:38:00 AM
FirePay, which is a division of Optimal Group, Inc. (Nasdaq OPMR) and also one of the largest processors of online gambling transactions, has sent an email to all its customers saying it will stop taking on gambling payments. It will transferring payments to gambling sites once the act is signed by Bush and ten days later, it will not allow gamblers to transfer payments from gambling sites back into FirePay - which means that there will be no way to get money back from your online gambling accounts.

To:
From: "info@firepay.com"
Subject: New FirePay policy for US account holders
SUBJECT: New FirePay policy for US account holders

On September 30, 2006, the United States Congress passed the Unlawful Internet Gambling Enforcement Act of 2006.

Once President Bush approves the Act. FirePay (www.firepay.com) will no longer allow US consumer payments for online gambling merchants.

* Beginning the day President Bush signs the Act, FirePay will decline any purchase transactions from US FirePay account holders at any gambling merchant site.
* Ten days after President Bush signs the Act, FirePay will decline any transfer attempt made by any online gambling merchant to a US FirePay account.

All US FirePay accounts holders will continue to be able to make purchases and receive payments from non-gambling, online merchants, as well as “Deposit From” and “Withdraw To” their US bank account.

Click here for the latest news and opportunities for FirePay account holders..

** Please note:

1. This new policy will not affect FirePay account holders from outside of the United States

2. For any questions regarding these deadlines or policy, please email info@firepay.com


Sincerely,
FirePay
info@firepay.com

As you can see, the stock has tanked ever since the Unlawful Internet Gambling Enforcement Act passed Congress. Nearly every major gambling site takes FirePay including PartyPoker and 888.com and upstarts like Everest Poker which is owned by Gigamedia Limited (Nasdaq GIGM).


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3 Comments:

Blogger STICKYBOI - said...

i agree with the legislation which aims to ban credit cards as a payment method for online gambling of any sort... and i think it should be enforced worldwide – not just in America. In fact, gambling with a credit card should be banned full stop. Not just on the internet. It’s a no brainer when you consider you are placing somebody else’s money on an uncertain event happening, with the aim to recoup more than you invested. Chance and credit do not mix well in my opinion, and continuing to allow it would only contribute further to negatively affecting the high levels of personal debt many citizens today find themselves in. I do however, think that the prohibition won't work; or at least it won’t be received well amongst gamblers - i mean what’s the point in banning a credit card payments made on an online poker game, for example, but not online sports betting? Slightly hypocritical no? I mean how can you allow someone to participate in online horse racing betting, but not put any money on a hand of texas hold’em poker? both activities involve a large degree of chance, and neither are guaranteed to yield financial return.
What really infuriates me is that the minority of irresponsible gamblers [those paying with someone elses money!] have now ruined the fun of online betting for everyone else - those like me who pay with money they actually have in their bank!!
At least for the Americans there is always the free online poker games!

having said that...

"there will be no way to get money back from your online gambling accounts."

Thats just wrong man

9:44 AM  
Blogger MrYook said...

Just as quickly as one gambling payment option closes, another pops up to fill the void.

8:10 PM  
Blogger Ste said...

thanks yook, now i can still play online poker games using my wife's credit card while she goes to flash her assets working in hooters

7:38 AM  

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