Replies to post #106704 on MyECheck, Inc. (fka MYEC)

[abazaba375]

you know what people use those cards ? online gambling !

www.creditcards.com/credit-card-news/online_gambling-boom-accept-cards-1282.php

Looking for alternatives
Still, some casinos aren't waiting. Instead, they're creating innovative work-arounds.

In New Jersey, regulators have approved digital wallet provider Skrill as an acceptable way to fund accounts at online casinos. Skrill, a mobile payments smartphone app, can be loaded with a credit or debit card or linked to a bank account.

Another option: prepaid cards. Golden Nugget, for instance, has begun offering the Golden Nugget Prepaid Card, issued by Sutton Bank and powered on the Discover network. Customers can load the card using a credit or debit card, then use it to play online. Should they win money, their winnings can be credited back to the card.

The increased popularity of prepaid cards in general is also reflected in land-based casinos, which are looking to add convenience for their customers. The Golden Nugget card was devised by Sightline Payments, which develops cashless-gaming products, such as prepaid and loyalty cards for casinos. Its prepaid cards last year won an industry award for the "Most Innovative Gaming Technology Product of the Year," with one of the judges saying, "The removal of coins from the casino floor was a monumental step forward, and the next logical step will be to remove the cash and tickets."

Although the technology exists to be able to swipe credit or debit cards at, say, slot machines, gaming regulations forbid it. But using a casino's prepaid or loyalty card? No problem.

Now, online casinos are seeing an advantage to prepaid cards, too.


"There is a massive financial incentive for casinos to find ways to get money into an online account with relatively little friction," Grove says.

Effect on gambling addiction
While gambling-industry officials hope the banks change their policies to smooth the growth of online casinos, critics worry about the effect on gambling addicts. States have imposed regulations to protect gamblers from financial ruin. For instance, in New Jersey, once contributions to a gambler's online account reach $2,500, the casino must block bets until the gambler acknowledges that that amount has been reached. Some online casinos also limit the amounts players can contribute to their accounts, or at least allow players to impose those limits before gambling.

But Les Bernal, national director of the advocacy group Stop Predatory Gambling, says those restrictions do little to stop problem gamblers from being preyed upon by "predatory" casinos and their enablers.

"Their business model is based on people who are addicted or are in the process of getting addicted," he says. "If you're a bank in this business, you're essentially profiting from blood money."

Bernal says his group is considering lawsuits against casinos, accusing them of deceptive practices that encourage gambling addiction.



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[Darkness 6MT]

The first thought in your head should be, "What is it and how is it making MYEC money?" Like I posted, there is minimal information on this "iCard1" company. Their website doesn't work! Until I can get solid information on iCard1 so I can do my own evaluation on how much revenue it potentially could bring in, to me this piece of news is basically worthless. My guess would be a majority of other people feel the same, which is why we closed red, and will likely continue to slide.

I feel bad for anyone who doesn't see the looming .02s. There is no "monster' news coming any time soon and without news this stock did 6 red days in a row. I predict that many, maybe more, maybe less. We probably won't see many green days until 0.01-0.02s.

Get mad at me all you want but were already at 2 red candles. Its starting to look like my prediction will come true.

GLTA