Neteller Reeprts $24.7m Revenue Loss
Online payment provider Neteller posted a first-half pre-tax loss of $24.7 million after being forced to close it US facing business. Revenues declined 57 per cent, to $50.8 million, for the period.
Speaking about the ongoing legal problems it was facing in the United States, chief executive Ron Martin said that US authorities had already seized $60m of the $136m it had agreed to forfeit as part of a deferred prosecution agreement, while the rest would be paid our of money generated by the business in two installments.
He also said that, adding to the loss, was a $9m legal bill during the investigation for the transfer of billions of dollars of internet gambling proceeds.
Martin said Neteller had ‘refocused its business in Europe and Asia’ and expected to return to profit in 2008.
Tags: Neteller, online gambling payment