Thursday, May 11, 2006
E-wallet payments for gambling on the rise

In a "regulatory announcement" on 11 May, The Isle-of-Man based electronic purse company Neteller has announced increasing turnovers from gambling payments and new local language based service offers.

In April, the electronic purse company launched websites in four European countries (France, Germany, Italy and Spain). According to the company’s statement, these sites are opened to profit from the FIFA 2006 World Cup. Furthermore, it also revealed a new payments platform in Asia, called 1-Pay.

”Formed in 1999, Neteller's growth has accelerated recently following increasing use of its payments service for transferring funds for online gambling.” ,says Neteller. “The company is now looking to drive adoption of the service within four new European countries by enabling customers to transfer money from their local banking systems, in euros and in the local language. Neteller says it has already seen a significant growth in sign-up rates from new customers, particularly in Germany and France.”

Neteller’s statements are surprising, as they encourage citizen of the above mentioned countries to engage in illegal transactions.

The “Regulatory Announcement” by Neteller can be found at: