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Tuesday 31st October 2006
Online money transfer company Neteller has confirmed it is to assess its position in the US market following the employment of the Unlawful Internet Gambling Enforcement Act (UIGEA), banning the processing of payments for online gamblers.
The UIGEA has already accounted for a host of online gaming companies such as Sportingbet and PartyGaming, and now it seems that monetary transfer companies may be heading the same way.
In a statement Neteller confirmed, 'The impact of the recently passed Unlawful Internet Gambling Enforcement Act in the US is likely to change the future direction and nature of our business fundamentally.'
The company has been reviewing the situation since the UIGEA bill was passed in congress, forcing financial companies such as RBS and Barclays to advise its corporate customers against future US business. Financial institutions now have 270 days from the signing of the UIGEA to enforce appropriate restrictions.
Neteller’s financial figures for the three months to August, prior to the introduction of the new laws, showed revenue for the quarter at $66.7m, up 48 percent from $44.9m in the third quarter of 2005. Profits came in at $32.5m, up from $26.3m.
Revenue for the year to date is $185.6m, up 57 percent from $118.4m during the same period last year.