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Online Casino E-Wallet Furious

NETeller is one of the leading e-wallets for online casino gambling, and the recently launched Youteller just might be asking for too big a piece of the pie. Youteller, like NETeller, is a third party financial processor—that means the companies handle and process the online transactions that go through online casinos and online gambling Web sites.

These types of third party financial processors are referred to as e-wallets in the online casino gambling industry, and there really isn’t a huge selection of e-wallets to use then gambling online. That’s part of the reason NETeller is up-in-arms about YouTeller, they feel that because the names are so similar there is the likelihood that consumers would confuse the two companies. So basically, NETeller is claiming trademark infringement because they believe that Seed Capital (YouTeller’s parent company) is using YouTeller to illegally gain the reputation and online casino customers NETeller has won over the years.

Now though, the bad publicity isn’t helping YouTeller get a firm footing in the online casino gambling industry. YouTeller customers are finding that the e-wallet is has fine-print and terms of membership that are uncustomary in the industry.

NETeller’s current actions to rectify this issue is a cease and desist order issued to Youteller with a deadline date. NETeller’s lawyers are demanding that YouTeller cease on trademark infringement by March 5, 2007.

YouTeller’s Director, Florian Schweitzer, issued a statement regarding the issue:
Please be patient until we have disclosed information about our partners and about poker sites that accept YouTeller.com as a payment option. Small e-money issuers are companies that have small payment transaction volumes. Our customers will not be able to transfer (or hold more money in their YouTeller account) than 150 € (about 190 USD). Such businesses does not have a FSA register number like banks, insurance companies or "big" e-money issuers like NETeller. Please ask the FSA directly for further information on FSA's register policy.