Neteller suffers from US gambling restrictions, looks forward
Related Articles
After forfeiting $136 million to the US Department of Justice last year and losing huge percentages of its US customer base and revenue, Neteller has posted 3rd quarter losses but expects business to keep improving as it builds relationships in other parts of the world.
Europe and Asia accounted for approximately $8.4 million and $3 million respectively of third quarter revenue. Though numbers in Europe have declined slightly, numbers in Asia are on a steady trend upward.
Compared to third quarter numbers for 2006, the US effect has resulted in a 75% drop in revenue, from $67 million to $17 million, while the amount of the average daily receipts fell from $5.3 million to less than $300,000.
Despite it all, Neteller CEO Ron Martin sounded positive about the company, saying, “The third quarter has demonstrated the resilience of the Neteller business and the results from our European and Asia Pacific businesses show that we are regaining the trust of customers and continuing to deliver innovative solutions to our merchants.”
Neteller stocks here.
