Feeds

Canada sticks the boot into Neteller

As it gets stuffed by Turkey

Boost IT visibility and business value

Money transfer group Neteller, which at one time serviced about 85 per cent of online gambling transactions, has been forced to pull out of Canadian and Turkish markets after garnering attention from regulators.

The group said any funds customers had deposited in their e-wallets would be safe, and could still be used for non-gambling transactions. It stopped processing Turkish payments on Monday morning, and will cut off Canadian gamblers on 9 April.

Turkey passed laws on 28 February designed to restrict online gambling services offered by "unauthorised" companies like Neteller, while Canadian provinces have variously begun clamping down on the trade.

Neteller only last week saw off a US Department of Justice investigation into its involvment in online betting by giving money back to American gamblers.

In a statement to AIM on Monday, Neteller said: "Recent actions by regulators, payment processors, and online gaming operators have increased the uncertainty around certain activities related to online gambling in some jurisdictions. The Board of Directors of the company reached a decision, on 25 March 2007, that the risk to the group's ongoing business in Canada and Turkey has increased in the light of such developments."

Trading in the Isle of Man-based outfit's shares on AIM has been suspended since mid-January, when two of its executives were arrested by US authorities.

The loss of its small Turkish business will have no effect on Neteller's finances, but the Canadian market shut-down will have a material impact on its numbers for 2007. The group is yet to deliver its 2006 results to investors. ®

Build a business case: developing custom apps

More from The Register

next story
Hello, police, El Reg here. Are we a bunch of terrorists now?
Do Brits risk arrest for watching beheading video nasty? We asked the fuzz
Snowden on NSA's MonsterMind TERROR: It may trigger cyberwar
Plus: Syria's internet going down? That was a US cock-up
UK government accused of hiding TRUTH about Universal Credit fiasco
'Reset rating keeps secrets on one-dole-to-rule-them-all plan', say MPs
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
e-Borders fiasco: Brits stung for £224m after US IT giant sues UK govt
Defeat to Raytheon branded 'catastrophic result'
Yes, but what are your plans if a DRAGON attacks?
Local UK gov outs most ridiculous FoI requests...
Felony charges? Harsh! Alleged Anon hackers plead guilty to misdemeanours
US judge questions harsh sentence sought by prosecutors
This'll end well: US govt says car-to-car jibber-jabber will SAVE lives
Department of Transportation starts cogs turning for another wireless comms standard
Munich considers dumping Linux for ... GULP ... Windows!
Give a penguinista a hug, the Outlook's not good for open source's poster child
UK fuzz want PINCODES on ALL mobile phones
Met Police calls for mandatory passwords on all new mobes
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 10 endpoint backup mistakes
Avoid the ten endpoint backup mistakes to ensure that your critical corporate data is protected and end user productivity is improved.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.