Neteller to pay final payment to US

Online payments processor and e-wallet Neteller, the company that had a much publicized run-in with US authorities over its links to online gambling payments, is scheduled to make its final punitive payment this month.

A popular online banking choice amongst online bingo players and free bingo operators alike, Neteller will pay US$ 38.25 million on 16 January as the last installment of its deferred prosecution agreement with US authorities.  The total amount paid by Neteller to get US authorities off their backs will have been US$ 136 million.

Like many in the bingo online industry, Neteller has had to diversify its business strategies away from the US market in order to rebound from the losses incurred by the implementation of the US' Unlawful Internet Gambling Enforcement Act which sought to disrupt financial transactions between players and non-US online gaming operators.

The company has also successfully paid back nearly US$81 million of the US$94 million in frozen funds to its former US customers.

Neteller has been considered a bit of a success story by observers of the online bingo industry for the way it was able to bounce back from the crippling run-in with US authorities last year.