SOURCE: iGaming Business

The online transaction firm responsible for EcoCard Ltd appears to have announced its intention of withdrawing its services from the online casino market following the guilty plea entered by the co-founders of Canadian firm NETeller last week.

No official statement has yet been made in the public by the British company but many operators have allegedly already been told that payments from online gambling sites will no longer be accepted.

“EcoCard has informed us, and I’m sure other casinos as well, that they will be pulling out of the U.S. gaming market and replacing their EcoCard payment option with a new option,” said David Brickman from online casino site The Jackpot Factory.

“They will transfer their existing U.S. customers over. Only players who have accumulated $500 or more in transactions will be invited to move to the new payment method.”

Despite the admission of guilt on conspiracy charges by its two founders, online transaction firm NETeller is being tried in court as a result of its decision to continue offering services between American gaming sites and U.S. citizens after October’s Unlawful Internet Gambling Enforcement Act (UIGEA) made this illegal.

EcoCard has never been a widely use payment method for online gaming as only a handful of sites accepted it due to its perceived high fees. The announcement by the firm should see it avoid a situation similar to NETeller and allow it to refund Americans their funds.