• NETELLER WILL COMPLY WITH US REGULATIONS ONCE DETERMINED BY US FEDERAL RESERVE SYSTEM

    19 October 2006

    Newspaper

    19 October 2006
    NETELLER PLC

    Update on US position

    Further to the Company’s announcement on 12 October 2006, NETELLER Plc today
    announced the following update in the light of the action on 13 October 2006 by US
    President George W Bush to approve and sign into law the SAFE Port Act
    incorporating the Unlawful Internet Gambling Enforcement Act of 2006 (“UIGEA” or
    the “Act”) which includes certain provisions to prohibit “unlawful internet gambling”
    by restricting gambling sites from accepting certain payments from US residents.

    NETELLER, a company registered outside the US, will comply with the Act and its
    related regulations as if it were subject to the Act’s jurisdiction. This action is
    intended to ensure that the Company is able to continue to operate with the support of
    its principal commercial partners and to protect its shareholders, business partners,
    employees and reputation.

    Various provisions of the Act, including the obligations of financial transaction
    providers such as NETELLER, remain unclear. This uncertainty should be largely
    resolved when the Secretary of the Treasury and the Board of Governors of the
    Federal Reserve System issue the regulations they are required to prescribe within 270
    days.

    In view of the importance of these issues, NETELLER has accelerated its review of
    the Act and all other relevant laws and pertinent developments. The Company also
    continues to closely monitor the regulatory situation and is determining what actions
    to take well before the conclusion of the 270-day rulemaking period.

    In the interim, US-resident customers are able to use the NETELLER service as
    normal. The funds of US-resident customers are held in trust accounts and will be
    available for withdrawal, on demand. The ability to withdraw funds will exist
    regardless of the customer’s location or ability to transfer to any site.

    NETELLER customers not resident in the US are not affected at all by the legislative
    changes in the US, and the Company will continue to operate its non-US business as
    normal, maintaining existing customer and merchant support across all the other
    markets it currently serves.

    NETELLER remains focused on developing its business in line with its stated
    strategic objectives including geographical and product diversification. The Company
    continues to launch localised services within the European market, most recently in
    Sweden and Denmark, and has plans for three further launches later this year. As
    well as focusing on the gaming sector outside of the US market, the Board considers
    the development of additional products and services for wallet users to be integral to
    its diversified market strategy. We expect to share more information on these
    initiatives in the coming months. The Company is committed to maximising
    shareholder value both in the short and longer term, and will explore all possible
    strategic alternatives, including utilising its substantial resources, to ensure the
    achievement of its strategic objectives.

    The Company’s trading update for the third quarter will be issued on Tuesday,
    October 31st, 2006. In the meantime, the Company will endeavour to keep
    shareholders informed of any material developments as and when appropriate.

    Related News

    • 10 October 2020

      SkillOnNet Together With Prime Gaming Relocates Gambling Brands

      Online casino supplier, SkillOnNet, is reinforcing its partnership with Prime Gaming, making the decision to relocate its gambling brands from Aspire Global. New Experience for Punters After a decade of partnership with the Aspire group, the provider says that the company is determined to provide punters another level of an exceptional experience and only that will match their ambitious evolution plans. 

      Read full article
    • 06 October 2020

      Gaming Innovation Group Boosts New Deal with Tipwin

      Gaming Innovation Group (GiG) has agreed a long-term contract with Maltese company Tipwin. The online sportsbook will use GiG’s network to power it's new casino delivering under it's own licenses from Swedish and Maltese Gaming Authorities. According to the agreement, the deal is based on a revenue share model for three years.  New Integration Tipwin, since 2011, provides multi-channel sports betting and currently serves more than 2000 retail betting shops throughout Europe.

      Read full article
    • 01 October 2020

      Playtech Releases New Casino Software With BetMGM

      Playtech is delighted to announce the roll-out of its online casino in New Jersey via BetMGM’s gaming network for the first time. According to the deal, the supplier will deliver its own leading iGaming casino software to the venue. Media Comments Shimon Akad, Playtech COO, said: “We are delighted to launch with leading operator BetMGM in New Jersey.

      Read full article