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April 24, 2008
Isle of Man-based e-wallet Neteller has posted a first quarter rise of 5% in revenues over its fourth quarter results. The results are a strong indication that the company’s plan to expand its business through Asian and European markets is succeeding. However, the result shows the company’s recovery from its painful exit of the US online gambling market in late 2006 is proceeding slowly. The implementation of the US’ Unlawful Internet Gambling Enforcement Act forced many online gaming-related companies to flee the US market, including online bingo games operators and online bingo halls. The resulting financial losses profoundly affected the online bingo industry with many operators forging a similar strategy to Neteller in an effort to rebuild their businesses. Neteller also includes general online payment services through its Netbanx service and has signed up new gaming and non-gaming merchants. These are expected to provide "tens of millions" to Neteller in extra transactions. Neteller President and CEO Ron Martin said: "The business has continued to deliver a good performance in the first quarter. Growth in our key European and Asia Pacific markets remains encouraging and as we introduce new payment solutions and targeted marketing programmes, we hope to see this momentum continue." Written by John Witherspoon – Need the best online bingo games? BingoStreet.com collected the best online bingo promotions and free bingo games online.
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