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Online Casino Processor Faces Setbacks

The case between the Neteller online casinos payment processer and the U.S. Department of Justice is nearing an end now that Neteller has made its final payment to the U.S. government. But now that the e-wallet is free from the U.S.’s internet gambling ban and subsequent court case, the company has encountered other setbacks both within the industry and in other areas. In addition to limited new markets and the issue of regaining user trust, the online casinos e-wallet is facing trouble in the real estate market.

Neteller has left the U.S. market completely and has spent the end of 2007 looking into new markets for both online casinos related payment processing and general e-commerce. With an increasing number of countries passing anti-internet gambling legislation, Neteller is cautious about entering questionable markets – understandably after the debacle with the U.S. government.

And as for the real estate side of the business, the online casinos e-wallet previously operated out of Calgary, Canada. And though Neteller was positive about the prospects of selling the property quickly, the property has lost value as a result of the U.S. real estate and mortgage crisis. The e-wallet is having problems finalizing that deal, specifically the problems are arising with conditions in the Purchase and Sale Agreement.

And though the online casinos payment processor has encountered these problems with the Calgary property, Neteller is still optimistic about the property’s sale in the coming months. Plans to sell the Calgary property as well as a renewed focus on new markets is sure to lead the online payment processor into a more stable 2008.