Online Gambling
Neteller began processing online gambling payments in July 2000. By 2005, it was processing payments for 80% of the world's gambling merchants. 95% of the firm's revenue at that time was derived from fund transfers to online gaming firms, with most users US residents.
Accounts of US users were frozen as the firm exited the US, and funds were eventually returned after 30 July 2007. As a result of this enforced exit from the US market, and the risks associated with online gambling, the firm has sought to diversify. Despite this, Neteller fee revenues fell from US$ 239 million in 2006 to $44 million in 2010.
High-turnover customers are offered premium membership called "Neteller VIP". It includes additional features and lower fees similar to premium membership of biggest competitor Moneybookers.
Legal issues surrounding online gambling mean that customers in Canada, Hong Kong, Israel and Macau are not permitted to make transfers to gambling merchants.
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Famous quotes containing the word gambling:
“Someone once asked me why women don’t gamble as much as men do, and I gave the common-sensical reply that we don’t have as much money. That was a true but incomplete answer. In fact, women’s total instinct for gambling is satisfied by marriage.”
—Gloria Steinem (b. 1934)