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Payment processor NETeller Expects Renewed Growth

NetellerBattered online e-wallet NETeller, which closed its US operations in January after internet gambling was banned, has announced that it expects renewed growth in other regions following its resolution with US authorities.

The US Government banned gambling via the Internet and financial transactions relating to it in October as part of a Bill designed to increase port security. Several European based online gaming companies collapsed immediately after the decision and NETeller was forced to reach an agreement with American authorities in July that resolved investigations into its former business activities in the US.

The Isle Of Man-based firm said that it had made significant progress in returning funds to its former US customers with more than $71 million of the total $94 million owed to American customers so far having been returned through a distribution plan agreed to with Government authorities.

‘The settlement represents a certain outcome that enables the company to refocus its efforts on building and strengthening the business outside of North America into the growing markets of the European and Asia-Pacific regions,” said Dale Johnson, Chairman of NETeller.