Online Gambling Payment Provider Remains Upbeat - 08-26-07

August 26 - It has been a year that they could never have imagined in their worst nightmares, but embattled online casino payment provider NEteller remains upbeat about their prospects in Asia and Europe.

NETeller released its interim results last week and the impact of its exit from the US market is evident. Neteller withdrew from the US and temporarily froze US customer account following the arrests of founders Stephen Lawrence and John Lefebvre in January 2007.

In a company statement, Neteller said that their business has stabilized and that prospects for growth remain solid. The company is targeting Asia and Europe as its future growth markets and European revenues grew significantly during the reporting period. They also said that they are to develop alternate revenue streams and are investigating markets outside of the online gambling industry.

Investors have in the past expressed concerns over Neteller's legal position in other countries. They said that they continue to monitor the legal situation and will take action if needed.

NETeller is well positioned to grow in the online gambling market as it is still the most trusted e-Wallet available.

The company's revenues dropped by 57% down to US$50.8m, when compared to US$118m during the same period last year. On the positive side, European revenues grew by  46% and the Asia-Pacific revenues increased by the same number. The company posted a pre-tax loss of US$24.7m which was blames on legal and restructuring costs.

Click here for a list of NEteller casinos (if you are not in the United States). We stand good for all deposits you make up to $1000.

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