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Online Payment Processor IntaBill Owes $30 Million to Online Poker Rooms
May 27, 2009
IntaBill was once a monster in the online payment processing industry in Australia, but due to the rough global economy the company is in debt $30 million to some of the biggest online poker rooms. The debt can also be attributed to the fact many online poker players made hefty chargebacks when the economy began going down the sewers. The company IntaBill relied on internet gaming for most of their business and when players started making chargebacks on their accounts it really hurt the company.
A lot of American payment processors had the same problem when the United States passed a gambling act which results in online poker becoming illegal. NetTeller got hit really hard in that entire fiasco and had to payout over $100 million which is quite a bit more then IntaBill is in debt, but NetTeller is a much bigger company. IntaBill only held around 5K clients which isn’t even comparable to how many clients that NetTeller has.
The breakdown of how much money is owed by IntaBill has bee released and it’s no surprise that at the top of the list is the two biggest online poker rooms. PokerStars and Full Tilt Poker are owed a combined total of $25 million which is definitely the brunt of the entire debt owed by IntaBill. The other $5 million is owed to Absolute Poker and the Golden Palace Casino. Absolute Poker is owed $3 million and the Golden Palace is owed $2 million.
I’m sure after this news any of the remaining IntaBill members will be ditching the service and moving elsewhere because who knows what is going to happen. $30 million isn’t a small amount of money and I’m sure most people aren’t going to want their money on a service which could be in big financial trouble.
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