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Another Neteller Situation?

The United States government has settled a case related to its online casino gambling legislation – this time another payment processing company faced the scrutiny of the Department of Justice. Citadel is a Canadian financial services company that offers payment processing services for the online gambling industry as well as other areas of e-commerce. ESI Entertainment Systems operates in the online casino gambling industry as Citadel and was heavily involved in the processing U.S. gambling transactions for roughly four years, until the U.S. government arrested the founders of the Neteller payment processing company.

After passing the offshore online casinos ban in 2006, many internet gambling sites left the market, but some companies remained in hopes that they could remain outside of the reach of the U.S. government. The Neteller case made international headlines as the company was forced to pay multiple millions to the U.S. government in fines for illegally processing online casino gambling transactions. Citadel began discussions with the U.S. government last year, and the company has announced that the settlement reached has Citadel paying a $9.1 million fine. Now that the agreement has been reached, Citadel and its parent company, ESI Entertainment Systems are completely released from future legal action related to the company’s pre-2007 online gambling actions.

Like the majority of the online casino gambling companies forced out of the U.S. market, Citadel experienced a sharp drop in profits after the company stopped the processing of U.S. internet gambling transactions. As a part of the settlement Citadel will also put new mechanisms and technology in place to prevent any errant transactions from making it through the company’s safeguards.