NETeller updates US position

UNITED KINGDOM – As reported by the UK Guardian: "Online money transfer business NETeller said today it would continue operating in the US until new regulations on internet gambling, which are expected to make its business illegal in there, are drawn up.

"The Aim-listed company, which specialises in money transfers between online gambling sites and players, said it increased revenues by nearly 50% in the third quarter of the year and revenues were up 48% to $67m (£35.25m).

"…The new legislation in the US, which specifically targets banks and payment services which facilitate online gambling, sent NETeller's shares falling 60% after it was passed.

"…However, NETeller has made no changes, saying it would wait until the regulations are drawn up and it becomes clearer what the legislation will mean for its business…"