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Neteller Continues Forward Despite Poor Quarterly Results |
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Tuesday, 13 November 2007 |
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The once legendary e-payment processing company, Neteller, has announced that it is still going ahead with its plans to target alternative markets, despite a dramatic plunge in profits as seen in its third quarterly financial report. The company showed total revenue of $17-million, compared to $67-million at the same time last year. Operating costs caused a loss of an incredible $146-million, it was learned.
The UIGEA obviously had a direct influence on Neteller’s poor performance. The company was forced to pay $136-million in a settlement agreement with US authorities after two of its chiefs were arrested on charges of illegal online gambling transactions and money laundering. In addition, the North American ban on online gaming also caused Neteller to withdraw from the US market, dropping its once $5.3-million per day in transactions to a more modest $295,000 per day. Despite these figures, however, Neteller continues to target European and Asian markets and it is felt that it will only be a matter of time before Neteller is back in the race as a serious contender. |
