Neteller Returning To US Gambling Arena.
Six years after being forced to exit the U.S. market following passage of the UIGEA, the favorite e-wallet of U.S. poker players looks to make its return.
In 2007, Neteller was THE payment processing company for many US based online gamblers, but late that year, the passing of the UIGEA put an end to it’s reign.
The founders of the company were arrested, and made to pay a $136 million dollar penalty. The company had to switch all its business to Asian and European markets.
Now, Optimal Payments, which owns Neteller, has signed a deal with Caesars Interactive Entertainment to return to the US market, according to the Financial Times.
Optimal Payments’ president and CEO Joel Leonoff believes 2014 will start the next boom, saying that federal legislation would be online gambling’s “holy grail.” He continues to express hope for online gambling’s future, saying “We think 10 states will offer entry to gaming,” and added that the state of California would likely be next.
Leonoff also spoke to the concern that players would have trust issues using Neteller, saying that the brand name continues to have a “well-regarded reputation” among American online gamblers.
Currently, less than 40% of Neteller’s business comes from the non-gambling industry.