NETeller Makes Loss of $187.5 MillionAffects of Withdrawal From U.S. Market Hit Payment Company Hard |
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Payment Services company NETeller made a pre-tax loss of $185.7 million in the year to Dec. 207 after a settlement of $136 million to U.S. authorities in the wake of the Unlawful Internet Gambling Enforcement Act.
The company said the final payment of $38.25 million was made to US authorities on 16 January 2008.
Ron Martin, President & Chief Executive Officer, said “2007 represented a milestone for the Group as we successfully resolved our issues with the US authorities, and energetically refocused the business to put into action our updated vision and mission.”
The company was forced to exit the lucrative U.S. market after the UIGEA and reached a settlement with authorities for its part in providing payment services facilitating online gambling.
European revenue grew 28 percent to $41.7 million in 2007 while Asia Pacific grew 44 percent to $11.4 million.
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