Neteller Funds Finally Released
While not too widely covered in the world press, Neteller have only just received clearance to unfreeze the accounts of their US customers, many of whom had used the online payment company to fund their online gambling exploits. As many will be aware, earlier this year the US authorities clamped down on all US online gambling and set out to stop the life blood of the gambling industry, funding.
After arresting the Canadian founders of Neteller, and charging them with handling billions of dollars in illegal gaming proceeds, the US authorities have finally given US customers access to their funds. As you would expect in the current uncertain environment there were massive withdrawals on the news, with $70 million rumoured to have been transferred by customers.
While the US authorities had explained their reasons behind freezing the accounts, the customer seems to have become stuck in the middle of the high profile arguments. While the company still operates in some 160 countries worldwide, the US experience has shocked both Neteller and many customers. It will either need some great public relations action from the company, or a reversal of the US authority rulings to see consumer confidence return. While it may be a little too soon to write-off Neteller, many are predicting a very difficult few months ahead.
The online casino industry has been one of the main casualties under the current US tactics to close online gambling in the States, and while some believe that the recent rulings will be relaxed at some stage, there are others who are more sceptical.
The situation is turning into a game of poker and the US authorities are currently holding all of the aces, but whether they will agree to share the pot and walk away remains to be seen!