Moneybookers

Moneyfookers, Moneysuckers ...

Well, the hottest news right now is the sudden withdrawal of moneybookers from servicing online gambling transactions of Asian Players. It's a big blow to majority of online Filipino poker players who use MB as their primary deposit and withdrawal option.

Some are even predicting the death of online poker as they know it. But that's quite exaggerated already. The Asian market is the biggest growing market and I think new payment processors will come up and service the gap left by moneybookes. The market is too lucrative to really pass up. So I'm not really panicking.

I am actually more curious to know the reason behind the moneybookers withdrawal. I am sure it is not because the owners suddenly became born again Christians and developed some kind of moralistic outlook in life similar to the Anito chain of motels. They're still willing to service their European customers. Only Asian players got shafted. So they're still be considered accessories to gambling in God's point of view if that is what they're worried about.

So why ? What is it that is unique to us that would merit this sudden change of policy? There wasn't any law that was passed similar to the UIGEA in any Asian country as far as I know. If I had to make a wild guess, I would think that it has something to with UK laws and money laundering (Moneybookers is based in the UK). With the sudden growth of players from Asia who primarily use MB and with the amount of money passing through them. Maybe they think they should err in the side of caution rather than find themselves with their pants down and getting accused of laundering triad money or other similar activities. What do you think ? Heheh ... pretty far fetched ?

As to my personal playing, I'm not really that affected since I am mostly a recreational player and there is still Click2pay for me. The high fees I consider part and parcel of the convenience of withdrawing thru an ATM. I know others are not too lenient and don't like C2P at all. But beggars can't be choosers. I'm just hoping that C2P doesn't fall to the same fate as MB as I'm sure they'll encounter a sudden surge in their members who are looking for ways to deposit to Pokerstars.

But even if C2P encounters the same fate, I still won't think it is the end of the online poker era. No matter what happens, I think check payments will always be there. The poker sites will always give this to you as an option. And checks are basically one of the oldest payment modes there is. Even if it takes a month to clear, it will still clear and the money will still be yours. Depositing might be a problem, but I think Western Union and other money remittance services will still work out. Check payments and money remittance are used for a variety of other purposes other than gambling so it cannot be regulated in such a direct way.

So even without Moneybookers, I will still play in sites where I already have money and where C2P is not yet accepted. I will just let it sort out by itself. I am confident that online poker is a phenomenon that is here to stay and people and financial institutions will always find a way to fund their money-making transactions.