We could be losing another banking option

[The Judge]

Capital One to Buy NetSpend, Seller of Prepaid Debit Cards
By Xiyun Yang
Washington Post Staff
August 8, 2007

Capital One, the McLean financial services company, announced yesterday that it will purchase NetSpend Holdings, a retail seller of prepaid debit cards, for $700 million.

The acquisition would give Capital One, best known for its credit card offerings, a bigger presence in the growing market for prepaid debit cards and extend its reach to the estimated 70 million U.S. citizens who don't have bank accounts, the company said.

"It's adjacent to our core business," said Tatiana Stead, a spokeswoman for Capital One. "We now have an opportunity to provide an option for everybody."

Prepaid debit cards can be used like credit or debit cards but do not draw from a credit line or bank account. Consumers can buy and refill cards at designated locations including Safeway supermarkets and Ace Cash Express stores. The cards let customers without traditional bank accounts or credit cards make purchases online.

The prepaid debit market grew to $104 billion in 2006 from $64 billion in 2004, according to Aite Group, an industry research firm.

NetSpend, which is based in Austin, has more than 1.5 million customers who make more than $3 billion in annual transactions.

Its cards can be purchased at more than 15,000 locations and refilled at more than 50,000 locations nationwide, the company said.

Capital One ventured into the prepaid debit market in February, when it launched a card with NetSpend. The companies said yesterday that they expect the transaction to close in the fourth quarter, pending regulatory and shareholder approval.

NetSpend, which has 300 employees, will become a Capital One subsidiary once the deal is completed.

"We're confident that the combined capabilities of both companies position us to deliver strong profit growth in the future," Scott Grimes, a Capital One executive, said in a statement.

Capital One said it hopes that prepaid debit cards will steer individuals without traditional credit and banking services toward its financial services.

"The opportunity is that as we get to know the customers better, they can grow with us" toward mainstream financial services, Stead said.

Analysts said the deal could revitalize Capital One's growth figures and share price, which has stagnated since it bought Hibernia National Bank and North Fork Bank in the past two years. The company announced in June that it would cut 2,000 jobs, or 6 percent of its workforce, to save $700 million.

"The Capital One culture has always been a growth company . . . [they're] trying to get back their mojo," said Robert Napoli, managing director of Piper Jaffray. "This is the type of business that could grow over 30 percent a year for a long time if they execute it well."

[BigdaddyQH]

Soon, your opions will be very few and far between. The more opions that go down, the easier it is to eliminate those that are left. It must be terrible having to spend more time figuring out how to get your money in and out of your accounts than you do figuring out who to wager on.

[The Judge]

Originally Posted by BigdaddyQH

It must be terrible having to spend more time figuring out how to get your money in and out of your accounts than you do figuring out who to wager on.

I'm not sure where you got this idea but one of my favorite books curerently offers twelve different ways to deposit and withdraw funds and there is no cost to the player with any of them.

[BigdaddyQH]

Originally Posted by The Judge

I'm not sure where you got this idea but one of my favorite books curerently offers twelve different ways to deposit and withdraw funds and there is no cost to the player with any of them.

Righ. And if I am correct, you were one of the many in here that said that this day would never come. No offense, but I simply do not buy your opinions any more. You have been proven wrong too many times of late when it comes to this subject. An insider you are not, no matter what you may think. Read and learn. That is the ticket to avoiding problems like this. If you play as much as you boast, there is simply no excuse for not having a Vegas contact or connection.

[The Judge]

Originally Posted by BigdaddyQH

Righ. And if I am correct, you were one of the many in here that said that this day would never come. No offense, but I simply do not buy your opinions any more. You have been proven wrong too many times of late when it comes to this subject. An insider you are not, no matter what you may think. Read and learn. That is the ticket to avoiding problems like this. If you play as much as you boast, there is simply no excuse for not having a Vegas contact or connection.

BD, first of all, kiss my ass.

Secondly, why would any sports gambler limit himself to betting with only Vegas books?

[jaypasco]

god i love this internet rivalry

[Trossi3389]

[E_Wrecked]

If Im not mistaken Capital One is still one of the debit/credit cards you can use online. I swear my buddy told me this, I could be wrong. If it is true I expect they will not change

[BigdaddyQH]

Originally Posted by The Judge

BD, first of all, kiss my ass.

Secondly, why would any sports gambler limit himself to betting with only Vegas books?

What's the matter Judge? Can't take the heat? That's what I thought. Just another wanna be lost out there in the big bad world. Can't admit when you are wrong, can you? I've got you pegged now. Thanks for proving my point. Keep posing your articles though. You do a good job of "copying and pasting".

[The Judge]

Originally Posted by BigdaddyQH

What's the matter Judge? Can't take the heat? That's what I thought. Just another wanna be lost out there in the big bad world. Can't admit when you are wrong, can you? I've got you pegged now. Thanks for proving my point. Keep posing your articles though. You do a good job of "copying and pasting".

I am not sure what "heat" or "point" you are refering to but if you mean the rude remarks from an bitter old man, well let's just say that your game got old long ago and I am no longer interested in fighting with you. BD. It is clear that you are trying to stir up trouble but I am genuinely interested to see exactly what you think I have been "wrong" about. Please be specific.

[BigdaddyQH]

Originally Posted by The Judge

I am not sure what "heat" or "point" you are refering to but if you mean the rude remarks from an bitter old man, well let's just say that your game got old long ago and I am no longer interested in fighting with you. BD. It is clear that you are trying to stir up trouble but I am genuinely interested to see exactly what you think I have been "wrong" about. Please be specific.

I'll be glad to. Did you or did you not say that the new gaming law would never pass congress? That is about as simple as it gets. Did I or did I not tell you that it was going to pass, making life certainly more difficult, if not miserable for the majority of players in here today. I'm not saying that it is impossible to wager off line. All I am saying is that judging from the posts I have read in here recently, things are not nearly as smooth as they were this time last year. Let's start with that.

[The Judge]

Originally Posted by BigdaddyQH

I'll be glad to. Did you or did you not say that the new gaming law would never pass congress? That is about as simple as it gets.

No, I do not believe that I ever said that. Please feel free to try to prove that I have.

[BigdaddyQH]

Originally Posted by The Judge

No, I do not believe that I ever said that. Please feel free to try to prove that I have.

I can prove i if I took the time to look at all of your posts, but it is not worth it. The bottom line is that I, and I alone in here, told each and every one of you that bad times were ahead for anyone who gambles on line. I told you because I knew first hand. You guys thought it was a joke. You guys thought it could never happen. Not one of you bothered to go back and follow the MONEY TRAIL that led up to that decision. Now Judge, you seem to be a bright guy. Just how in the hell do you think all of this came about? Do you think that Congressman Deeds from Bible Belt Oklahoma got a sharp stick up his a** and decided to try and put an end to off shore wagering?

If you can not trace the money trail, you have no clue as to what really happened. Some in here say that U.S. based gaming concerns also suffered? Oh really? How many poker only casinos are still up and running? Do you know who operates them? Do you know who runs Betus? It was all over television, if you looked closely enough and spotted the tell tale sign.

Judge, you are great at pasting articles written by others in here. I say that with respect. I like the way that you try to keep people updated. But you are going to have to start reading in between the lines here and start doing some serious research. Maybe that will answer a lot of questions for you. In the mean time, if you wnat to risk your money on something other than a wager, feel free to do so. That is not for me. You have no idea how simple it would be for the Feds to close any offshore casino it wants to. All they have to do is close another loophole. It all starts and ends with money. I think that if you really investigate this and find out who the real power brokers are, you would agree. GL this season. I hope it works out better for you than last season did, at least on the college level.

[walk066]

[The Judge]

Originally Posted by BigdaddyQH

I can prove i if I took the time to look at all of your posts, but it is not worth it. The bottom line is that I, and I alone in here, told each and every one of you that bad times were ahead for anyone who gambles on line. I told you because I knew first hand. You guys thought it was a joke. You guys thought it could never happen. Not one of you bothered to go back and follow the MONEY TRAIL that led up to that decision. Now Judge, you seem to be a bright guy. Just how in the hell do you think all of this came about? Do you think that Congressman Deeds from Bible Belt Oklahoma got a sharp stick up his a** and decided to try and put an end to off shore wagering?

If you can not trace the money trail, you have no clue as to what really happened. Some in here say that U.S. based gaming concerns also suffered? Oh really? How many poker only casinos are still up and running? Do you know who operates them? Do you know who runs Betus? It was all over television, if you looked closely enough and spotted the tell tale sign.

Judge, you are great at pasting articles written by others in here. I say that with respect. I like the way that you try to keep people updated. But you are going to have to start reading in between the lines here and start doing some serious research. Maybe that will answer a lot of questions for you. In the mean time, if you wnat to risk your money on something other than a wager, feel free to do so. That is not for me. You have no idea how simple it would be for the Feds to close any offshore casino it wants to. All they have to do is close another loophole. It all starts and ends with money. I think that if you really investigate this and find out who the real power brokers are, you would agree. GL this season. I hope it works out better for you than last season did, at least on the college level.

I did just fine on the college level last year, BD. We can not know how well you did as you were shown the door early on and I can only hope that you will keep your attitude in check this year so that we can all find out just how much you really know about the game.

After being given a third chance here at CM, it appears that you have already decided that your latest approach will be to attack me and attempt to tell us all once again how much you know and how little the rest of us know about sports gambling. I suggest that you let your plays speak for themselves and that you keep the rhetoric to a minimum until you can back up your arrogance.

I do not need nor do I care to continue our longstanding rivalry and I would certainly appreciate it if you will give me even a fraction of the respect that I intend to give you this season. However, if you care to continue the pissing match that you seem to thrive on, I will be happy to oblige you, sir.

I am not concerned with who runs BetUS as they are a shit book with a growing history of stiffing players. I will do some homework so that I can answer your vague question but in the mean time, I ask that you cease talking down to me as if I have no idea what is going on. It only makes you look foolish, old man.

Good luck in the upcoming season.