US Authorities to Receive $38.25m from NETeller

15th January

Online payments processor NETeller has said that it will pay the US authorities the amount of $38.25m that is due to them on January 16th 2008.

NETeller will also pay $1.75m to a third party vendor to avoid a potential claim for alleged breach of contract. So far NETeller has paid a total $81m of $94m in funds that are due to its clients. As they struggle to pull through from the US’s crack down on online gaming NETeller expects their full year results to meet industry expectations.

President and chief executive for NETeller Ron Martin said on the matter, “Considering the significant challenges that our company has faced during the past year, I am pleased with the performance of the business in 2007 and I am excited about the prospects for 2008. I am confident about our strategy and that these initiatives will be reflected in our performance for 2008.”