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NETeller Leaves another Market

The ban over online gambling in the United States has devastating implications for online transaction service providers. Most of their business was based on gambling lovers that used the online casino sites and needed a way to transfer money around. Upon the enactment of the Unlawful Internet Gambling Enforcement Act, many companies that had dealings with the online gambling industry have taken their business to other parts of the world trying to catch some possible clients. NETeller, one of the most popular among e-wallet services, did the same thing.

Online gambling business is spreading globally but not all countries are playing along. Recently, NETeller announced that it will no long cater for the Israeli market due to legal uncertainty. Certain activities related to gambling have become questionably legal following recent legal developments, and the company does not want to take any chances. After all, e-wallet companies do not only offer services for gamblers and there are other markets they can operate in. So, in order not to loose their legitimacy in other markets, the company decided that no additional transfers from gambling fans that reside in Israel will be processed.

Online casino lovers that reside in Israel will not be able to pay for their online gambling using NETeller starting Thursday the 19th of July and no more funds will be transfers from online gambling firms to the Israeli public starting Tuesday the 31st of July. NETeller is going for a phased withdrawal in an attempt to serve their costumers better. In the United States, legal difficulties in light of anti online casino legislation have made it difficult for clients to reclaim their deposits. As mentioned, non online gambling related transfers will remain acceptable and NETeller will continue to offer services for Israeli residents that use the service for other reasons.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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