NETeller move out of Canada and Turkey
The online gambling industry woke up this morning to learn that online money transfer Giant NETeller has decided to withdraw “no pun intended” from the Canadian and Turkish markets.
Here is a statement the company’s board released to the London Stock Exchange:
The NETELLER Plc Group (”NETELLER” or the “Group”) (LSE: NLR), the leading global independent online money transfer business, today announced several significant changes to its services in a number of markets.
The Group continually assesses the risk profile and status of the markets its serves. 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. The Board has therefore concluded that the Group will no longer process transfers related to online gambling sites on behalf of Canada or Turkey resident customers.
Reduced Service to Canada
Cessation of Canadian transfers to gambling merchants: the Group will cease processing online gambling related transactions for Canada-resident customers with effect from 12.01 AM MST Monday 9 April 2007.
Suspension of InstaCASH transactions: As of today Monday 26 March 2007, at 12:01 AM MST, Canada-resident customers were no longer able to deposit funds using NETELLER’s instaCASH service either directly or from any online gambling site.
Reduced Service to Turkey
In light of recent legislation passed in Turkey on 28 February 2007, which prohibits certain forms of online gambling to be offered by any “unauthorised” domestic or foreign company to citizens in Turkey, NETELLER has decided to implement a voluntary phased withdrawal of the payment services related to online gambling that it offers customers to the Turkish market.
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Ciprian13 says:
I BELIEVE THAT THEY WILL LOOSE LOTS OF COSTUMERS
This is bad news for the turkish and canadian gamblers because I believe Nettler was an important payment service.I’ve used it myself and it’s a good quality service which offers you security.
March 29th, 2007 at 12:06 pm