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Deadline for Payment of Funds

The entirety of the online casino industry followed Neteller’s precedent setting run-in with the U.S. Department of Justice (DoJ); but luckily for Neteller, the main drama is now over. Neteller and the U.S. DoJ settled just a month ago, and the company has entered into the Distribution Plan phase of the settlement. The terms of the settlement have Neteller paying the U.S. government a majority of the company’s profit from illegal online casino activity after the ban was implemented. An additional part of the settlement outlined a distribution plan for the millions owed to Netellers customer base.

As a part of the settlement, Neteller must repay the online casinos players with frozen accounts. A bone of contention for many players was the fact that Neteller did not have to pay any interest on the account funds even though players money was frozen for nearly eight months. At the time of the settlement Neteller owed the U.S. online casino players US $94 million. Just weeks after reaching the settlement with the U.S. DoJ, Neteller began to disburse checks to account holders. Though the process of disbursement does take time, Neteller has already returned/disbursed more than US $71 million to account holders. The rest is still being processed but will be disbursed expediently according to a company spokesperson.

The money that the online casino e-wallet owes to the U.S. government has a stricter timeline of repayment. According to the agreed upon distribution plan Neteller must forfeit US $40 million on or before October 15, 2007. The US $60 million the government confiscated earlier this year will be credited toward the US $136 million owed. The remaining amount must be paid back on or before January 17, 2008.

The e-wallet is well into the distribution plan an no one in the online casinos industry expects that Neteller will encounter any problem over the next few months as the company repays the funds due to both the previous U.S. customers and the U.S. government.