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Wednesday, March 21st, 2007

There’s Gold In Them Thar E-wallets

BY TOM SOMACH

Internet poker rooms and other online gambling sites looking for new ways to let customers fund betting accounts might want to look to…the United Arab Emirates?

Yes, the United Arab Emirates, also known as the UAE.

Specifically, the city of Dubai, where a little-known Internet payment service or “e-wallet” known as e-Dinar is based.

With NETeller, My Citadel, e-Cash Direct and other e-wallets no longer open to American online poker players and other American online gamblers, other e-wallets have stepped up to fill the void.

Some are conventional payment processors, such as ePassporte, and some are more creative, such a NuCharge, where users transfer funds by buying long-distance telephone minutes.

At e-Dinar, customers transfer funds electronically by buying gold and silver.

Experts in the online gambling world have predicted that because of the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006, which bars American banks and credit card companies from transferring online gamblers’ funds to and from online gambling sites, U.S.-based gamblers will eventually stop using American currency to wager online.

Such a move would take the American financial entities–and the U.S. government–out of the process, the experts predicted.

Instead, gamblers would wager using foreign currencies, or even basic international types of currency, such as gold and silver, the experts said.

If gold and silver becomes the commonplace “currency” of online poker, online sports betting and online casino gambling worldwide, e-Dinar could be the next big thing in the world of e-walleting.

According to the e-Dinar website, e-Dinar is “an Internet-based electronic payment and exchange system that facilitates transactions which are 100% backed by physical gold and silver.

“With e-Dinar,” the website continues, “you can do secure, real-time and cost-effective local and international transfers…e-Dinar is the most flexible and secure way to make and receive payments for goods or services over the Internet (and) can also be used to send money to a business partner, friend or relative on the other side of the world.”

For more information about e-Dinar, visit its website at www.e-dinar.com.

(E-mail Tom Somach at .)

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