Neteller Withdraws From Turkey and Canada - 03-28-07
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March 28 - Leading online payment processor Neteller announced last week that it
will no longer service its existing nor any new online gambling customers in
Turkey and Canada.
Neteller confirmed that it will halt all online gambling related transactions in
Turkey this week and in Canada on April 9th this year. There is speculation that
the move is related to the arrests last month in the United States of the two
founders of Neteller, John Lefebvre and Stephen Lawrence.
As a result, Neteller executives have taken a strategy to steer clear of
operating in countries where the future of online gambling is uncertain.
The statement issued by Neteller read: 'Recent actions by regulators, payment
processors, and online gaming operators have increased the uncertainty around
certain activities related to online gambling in some jurisdictions.'
Continuing: 'The risk to the group's ongoing business in Turkey and Canada has
increased in the light of such developments. The board has therefore concluded
that the group will no longer process transfers related to online gambling sites
on behalf of Turkish or Canadian resident customers.'
It remains unclear at this stage as to what degree the withdrawals will impact
negatively on Neteller's revenue stream, the vast bulk of which is derived from
the processing of online gambling payments.
