Neteller – US market withdrawal

January 18, 2007 | by BingoEnt | posted in Bingo News

18 January 2007 – NETELLER Plc (LSE: NLR), the leading independent online money transfer business, today issued the following update regarding its position in the US market in the light of the Unlawful Internet Gaming Enforcement Act of 2006 (the “Act” or “UIGEA”) and the Act’s associated anticipated regulations.

US market withdrawal

•Withdrawal of US Transfers to Gambling Merchants: The Board confirms that the Group will cease processing online transactions related to gambling for the US market with effect from today in light of the passing of the UIGEA and the uncertainties and likely delays relating to the drafting and implementing of regulations.

•Phased Compliance: This announcement reflects the culmination of a series of deliberations and steps the Group has taken since the passing of the UIGEA in October 2006. Previous steps have included the development of country blocking and instant funds transfer restriction enhancements to the Group’s software platform.

•Timeline: As of today Thursday 18 January 2007, at 12:01AM GMT, US resident customers were no longer able to transfer funds using NETELLER’s services to or from any online gambling site.

•Continued Safe Choice: Customer funds, including those of US residents, are held in segregated trust accounts and are fully secure and will be available for withdrawal by customers, on demand. US customers continue to be able to use their e-wallet accounts for non-gambling transactions.

•Group’s Future Focus: These decisions will allow the Group to focus on opportunities available in the growing markets of Europe, Asia, and the Americas outside of the United States.

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