Neteller fightback continues - Online Bingo News

Online payments processor Neteller continues to make good progress in the wake of its row with US authorities, according to CEO Ron Martin.  By diversifying into different markets, the Isle of Man-based e-wallet says it has managed to bounce back despite seeing revenue drop 75% due to the loss of the US market.

The company also had to deal with paying a $136 million fine to US authorities to bring about the settlement of the US Department of Justice’s case against them.  The reported operating loss as a result reached $146 million in all.

The online bingo industry and operators of online bingo games take a keen interest in developments within the online payments processing industry due to its vital importance in maintaining customer confidence amongst those who play bingo online.  The move by Neteller into the European market has been seen as a logical step for the company.

The European market has accounted for about $8.4 million of Neteller’s third quarter revenue.  Business in Asia accounted for $3 million.

Neteller’s comeback emphasizes that market diversification is still key to the company’s strategy: "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," Martin said.

Written by John Witherspoon – Come and read all about the online bingo world. BingoStreet’s online bingo news section serves the freshest info of the industry.