Someone sent this to me, not sure how true it is, was curious if anyone else had seen/heard about this....
October 10, 2006
FirePay joins the fleeing masses
Well, if NeTeller follows suit it will look pretty grim...
LONDON (Reuters) - Payment processor FireOne Group (FPA.L: Quote, Profile, Research) said on Tuesday it would stop dealing with U.S. online gamblers after President George W. Bush signs a bill into law banning payments for online gaming there.
"The act will have a significant negative impact on the business ... and consequently the company has embarked upon a restructuring of its operations and cost base," it added.
At the start of this month, U.S. Congress unexpectedly approved a bill making it illegal for companies to accept bets over the Internet or for credit card companies to process payments for online gambling.
The gaming industry considers it inevitable that Bush will sign the act into law, and many companies have already said they are pulling out of the United States.
Share prices crashed across the sector last week as a result, wiping out around $7 billion (3.7 billion pounds) of company values.
FireOne, which is 76 percent-owned by Canadian payments firm Optimal Group (OPMR.O: Quote, Profile, Research), said: "The company ... will consider additional card-not-present payment processing opportunities outside of online gambling."
FireOne shares closed at 65 pence on Monday, having fallen from 177 pence before the act was passed, valuing the group at around 36 million pounds.
October 10, 2006
FirePay joins the fleeing masses
Well, if NeTeller follows suit it will look pretty grim...
LONDON (Reuters) - Payment processor FireOne Group (FPA.L: Quote, Profile, Research) said on Tuesday it would stop dealing with U.S. online gamblers after President George W. Bush signs a bill into law banning payments for online gaming there.
"The act will have a significant negative impact on the business ... and consequently the company has embarked upon a restructuring of its operations and cost base," it added.
At the start of this month, U.S. Congress unexpectedly approved a bill making it illegal for companies to accept bets over the Internet or for credit card companies to process payments for online gambling.
The gaming industry considers it inevitable that Bush will sign the act into law, and many companies have already said they are pulling out of the United States.
Share prices crashed across the sector last week as a result, wiping out around $7 billion (3.7 billion pounds) of company values.
FireOne, which is 76 percent-owned by Canadian payments firm Optimal Group (OPMR.O: Quote, Profile, Research), said: "The company ... will consider additional card-not-present payment processing opportunities outside of online gambling."
FireOne shares closed at 65 pence on Monday, having fallen from 177 pence before the act was passed, valuing the group at around 36 million pounds.
