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No More NETeller for Canadians

April 3, 2007

Online payment solution NETeller declared early last week that they will no longer be accepting transactions from Canadian clients who wish to transfer money to and from online gambling sites.  The money transfer service, who has already banned U.S customers, has also added Turkey to the list of countries to be no longer allowed to make such transactions. 

The group has conformed to these measures as a result of an increase in risk to their business in these two particular countries. This is due to the uncertainty of online gambling activities derived from the latest actions taken by payment processors, online gaming operators and regulators.  The change will have a definite impact on the groups Bottom Line for 2007.

As of right now, Canadians, and the like, are still able to use NETeller’s services for any non-gambling related money transfer.  However, as of March 26th 2007 no Canadian client has been able to transfer any money directly to or from any gambling related sites using NETellers InstaCASH service.  And as of April 9th 2007 all processing of any online gambling transfers will cease for all Canadian clients (as is the current condition for NETeller users in Turkey).

In January, when NETeller refrained from facilitating any gambling related transactions from US customers, it is reported that they lost about 65 percent of their business.  And now, with the loss of Canadian clients, it is estimated that NETeller will likely lose another significant percentage of their revenues (around 30 percent of their remaining revenues).