NETeller PLC Withdraws From Canada and Turkey - Unlawful Internet Gambling Enforcement Act News

NETeller has announced withdrawal from online gambling activities in two more countries. One of these is negligable, while the other one is another serious blow for Neteller.

This action follows the suspension of activities in the United States after the passage of the Unlawful Internet Gambling Enforcement Act. In recent months, NETeller execs have been arrested and their U.S. funds have been frozen by the U.S. Justice Department. The DoJ claims the money will be used as "evidence".

Canada is a big defeat for Neteller. It is the home of the company, and the loss of these revenues will effect the profits for 2007. Though online gambling transactions are currently legal in Canada, a movement towards harsher gambling laws has forced Neteller to unilaterally suspend operations in that country.

Turkey is a minor subplot. That country passed laws against online gambling in February, 2007. NETeller didn't have a whole lot of volume in Turkey, though, so this hardly affects the bottom line.

For those Canadian and Turkish customers concerned about their accounts, you will be able to withdraw fund, effect peer-to-peer transfers and pre-paid debit transactions. It's probably time to close your NETeller account, though.

The company says this latest development will not affect employee jobs. In the wake of the U.S. setback, Neteller layed off dozens of employees in Canada and the UK just a few weeks ago. It looks like the salad days are over.

NETeller PLC Withdraws From Canada and Turkey - Unlawful Internet Gambling Enforcement Act News