NETELLER Service Changes to Canadian and Turkish Markets |
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Posted Mon Mar 26, 2007 9:26 am GMT by vyni
From http://www.neteller-group.com/press/en/127.htm
| Quote: | Monday, 26 March 2007 – The NETELLER Plc Group (“NETELLER” or the “Group”) (LSE: NLR), the leading global independent online money transfer business, today announced several significant changes to its services in a number of markets.
The Group continually assesses the risk profile and status of the markets its serves. Recent actions by regulators, payment processors, and online gaming operators have increased the uncertainty around certain activities related to online gambling in some jurisdictions. The Board of Directors of the Company reached a decision, on 25 March 2007, that the risk to the Group’s ongoing business in Canada and Turkey has increased in the light of such developments. The Board has therefore concluded that the Group will no longer process transfers related to online gambling sites on behalf of Canada or Turkey resident customers.
Reduced Service to Canada
Cessation of Canadian transfers to gambling merchants: the Group will cease processing online gambling related transactions for Canada-resident customers with effect from 12.01 AM MST Monday 9 April 2007. Suspension of InstaCASH transactions: As of today Monday 26 March 2007, at 12:01 AM MST, Canada-resident customers were no longer able to deposit funds using NETELLER’s instaCASH service either directly or from any online gambling site. Non-gambling services continue: Canada-resident customers will continue to be able to use their e-wallet accounts for non-gambling transactions, including peer-to-peer and pre-paid debit transactions. Available customer funds: Customer funds, including those of Canadian residents, are held in a pooled, segregated trust account and will be available for withdrawal by customers, on demand. Canadian customers continue to be able to use their e-wallet accounts for non-gambling transactions.
Reduced Service to Turkey
In light of recent legislation passed in Turkey on 28 February 2007, which prohibits certain forms of online gambling to be offered by any “unauthorised” domestic or foreign company to citizens in Turkey, NETELLER has decided to implement a voluntary phased withdrawal of the payment services related to online gambling that it offers customers to the Turkish market.
Withdrawal of local bank funding options: Local bank deposit options for Turkey-resident customers were withdrawn on Friday 9 March 2007. Cessation of Turkish transfers to and from online gambling merchants: The Group has ceased processing online gambling related transactions for Turkey-resident customers with effect from 6.01 AM GMT Monday 26 March 2007. Non-gambling related services continue: Turkey-resident customers will be able to continue to use their NETELLER e-wallet account for any non-gambling related money transfers and withdrawals. Customers located in other parts of the world are not affected by this change, and NETELLER continues to service these customers in the normal manner.
Group Business Impact
The Canadian business of the NETELLER Group would likely have contributed significantly to the Group’s revenue and profitability during 2007 and the loss of this business is now likely to have a material negative impact on the Group’s results for the full year ending 31 December 2007. The Turkish business of the Group does not represent a material proportion of the Group’s overall customer base, revenue or profitability.
The Group does not anticipate making further significant reductions in staff as a result of these service changes as the Board believes that its Calgary-based operations are appropriately sized to handle the remaining non-North American business of the Group. The Group will continue to focus on the growth markets of Europe and Asia. |
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Posted Mon Mar 26, 2007 9:55 am GMT by Ensano
NOOOOOOOOO!!!! 
Posted Mon Mar 26, 2007 11:22 am GMT by khaosanroad
Blame Canada!!
Posted Mon Mar 26, 2007 1:44 pm GMT by supafrey
QUICK SOMEONE PLZ TELL ME WHO I CAN STAB TO FIX THIS
Posted Mon Mar 26, 2007 2:01 pm GMT by Ensano
| supafrey wrote: | | QUICK SOMEONE PLZ TELL ME WHO I CAN STAB TO FIX THIS |
an american... they're why Neteller is doing this...
Posted Mon Mar 26, 2007 2:30 pm GMT by kingetje
holy shit!....
please leave us europeans alone 
Posted Mon Mar 26, 2007 3:09 pm GMT by MasterShake
| Ensano wrote: | | supafrey wrote: | | QUICK SOMEONE PLZ TELL ME WHO I CAN STAB TO FIX THIS |
an american... their why Neteller is doing this... |
Please. This is Neteller overreacting.
Posted Mon Mar 26, 2007 3:43 pm GMT by Ensano
not really... if they're a traded company they need to think about their (used the right one this time) stability, or even their appearance of stability...
if what's happening in the states happens again Neteller will be as good as out of business... no one will feel that their money is safe...
Posted Mon Mar 26, 2007 3:46 pm GMT by UrAteUp
Can't blame the US bud. Not our fault your country has to turn into a bunch of female sex oragans like ours did.
Posted Mon Mar 26, 2007 3:54 pm GMT by Ensano
| UrAteUp wrote: | Can't blame the US bud. Not our fault your country has to turn into a bunch of female sex oragans like ours did.
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we haven't... Neteller did this on their own... no pressure for our gov't... if the US gov't didn't have their heads so far up themselves we wouldn't have this mess...
not to mention all the american fish would still be aloud to swim freely....
seriously though... how the hell can a bill be passed like that and people not be up in arms about it... not just cause it's poker... they're setting a president here.... they could use that loophole for anything...
this is sad...
Posted Mon Mar 26, 2007 4:03 pm GMT by MasterShake
| Ensano wrote: | not really... if they're a traded company they need to think about their (used the right one this time) stability, or even their appearance of stability...
if what's happening in the states happens again Neteller will be as good as out of business... no one will feel that their money is safe... |
So the best way for them to stay in business is to eliminate all of their customers. Seems like they might as well close up shop now if that's their strategy.
Posted Mon Mar 26, 2007 4:29 pm GMT by UrAteUp
| Ensano wrote: | | if the US gov't didn't have their heads so far up themselves we wouldn't have this mess... |
LOL...show me one goevernment that doesn't have their head up their ass?
| Quote: | | not to mention all the american fish would still be aloud to swim freely.... |
The fish are still there..and have always been. Till you Canadians can't get money in then the fishing hole will dry up...
| Quote: | seriously though... how the hell can a bill be passed like that and people not be up in arms about it... not just cause it's poker... they're setting a president here.... they could use that loophole for anything...
this is sad... |
We didn't just set back and do nothing. The only thing is the poker players are a small group compared to the country as a whole. So how does a small group make a big noise to get attention? We vote. YOu did notice the big turn around in the US congress from a Republican ran congress to control going to the Democrats. So we did speak up...just not loud enough.
Posted Mon Mar 26, 2007 5:17 pm GMT by Ensano
| MasterShake wrote: | | Ensano wrote: | not really... if they're a traded company they need to think about their (used the right one this time) stability, or even their appearance of stability...
if what's happening in the states happens again Neteller will be as good as out of business... no one will feel that their money is safe... |
So the best way for them to stay in business is to eliminate all of their customers. Seems like they might as well close up shop now if that's their strategy. |
canada, us and turkey make up only a small portion of the potential market...
basically... cut the fat and move foreward...
| UrAteUp wrote: | | Ensano wrote: | | if the US gov't didn't have their heads so far up themselves we wouldn't have this mess... |
LOL...show me one goevernment that doesn't have their head up their ass? |
true... true...
| UAU wrote: | | Ensano wrote: | seriously though... how the hell can a bill be passed like that and people not be up in arms about it... not just cause it's poker... they're setting a president here.... they could use that loophole for anything...
this is sad... |
We didn't just set back and do nothing. The only thing is the poker players are a small group compared to the country as a whole. So how does a small group make a big noise to get attention? We vote. YOu did notice the big turn around in the US congress from a Republican ran congress to control going to the Democrats. So we did speak up...just not loud enough. |
my comment wasn't just about poker... but the system in general... if they can sneak something like this in then what's to stop them from doing it again with something bigger... EVERYONE should be outraged that they would even try a move like that...
Posted Mon Mar 26, 2007 5:58 pm GMT by Sean_in_NJ
| Ensano wrote: | | canada, us and turkey make up only a small portion of the potential market... |
| Quote: | Group Business Impact
The Canadian business of the NETELLER Group would likely have contributed significantly to the Group’s revenue and profitability during 2007 and the loss of this business is now likely to have a material negative impact on the Group’s results for the full year ending 31 December 2007. The Turkish business of the Group does not represent a material proportion of the Group’s overall customer base, revenue or profitability. |
I'd venture a guess that the US business was an even larger chunk.
Posted Mon Mar 26, 2007 8:01 pm GMT by Ensano
| Sean_in_NJ wrote: | | Ensano wrote: | | canada, us and turkey make up only a small portion of the potential market... |
| Quote: | Group Business Impact
The Canadian business of the NETELLER Group would likely have contributed significantly to the Group’s revenue and profitability during 2007 and the loss of this business is now likely to have a material negative impact on the Group’s results for the full year ending 31 December 2007. The Turkish business of the Group does not represent a material proportion of the Group’s overall customer base, revenue or profitability. |
I'd venture a guess that the US business was an even larger chunk. |
Canadian population: 30 000 000
US population: 330 000 000
global population: 6 000 000 000
US and Canada only make up 6% of the global market...
granted not everyone is online and using services like neteller and paypal, but there are many many more fish in the sea for companies like neteller....
to risk failure for .6% isn't worth it...
| Quote: | Group Business Impact
The Canadian business of the NETELLER Group would likely have contributed significantly to the Group’s revenue and profitability during 2007 and the loss of this business is now likely to have a material negative impact on the Group’s results for the full year ending 31 December 2007. The Turkish business of the Group does not represent a material proportion of the Group’s overall customer base, revenue or profitability. |
for that one year alone... you obvisouly know that a company like this has a long term plan... of course they'll lose money THIS YEAR... they see a potential liability and have weighed the risk and ....
are cutting the fat and moving on....
Posted Mon Mar 26, 2007 11:55 pm GMT by Fat Tony
I don't really see the potential liability since there are no draconian anti-gambling laws like there are in the US, nor have any even been talked about by the government. Even if they wanted to I don't think they could get such a law enacted anway given their minority status. It seems like they are cutting off their nose to spite their face, i'm sure their shareholders will be thrilled.
Posted Tue Mar 27, 2007 1:18 am GMT by Sean_in_NJ
| Ensano wrote: | Canadian population: 30 000 000
US population: 330 000 000
global population: 6 000 000 000
US and Canada only make up 6% of the global market... |
GDP rankings, although they're a few years old.
| Ensano wrote: | | everything else |
Nevermind, I forgot...you bought a scooter.
Posted Tue Mar 27, 2007 1:38 am GMT by snoogins47
Get out of here with your numbers, Sean.
Posted Tue Mar 27, 2007 8:49 am GMT by Ensano
so according to your site sean, taking into account that US is already gone, by cutting canada loose they're only sacrificing 2.24% of the market...
again.... they're just cutting the fat and moving foreward...
but yeah I doubt the Can gov't would be able to push through any anti online gambling legislation any time soon... but neteller I say just can't risk it...
even when everything started to go down, even people here starting losing trust for them.... what was the company you'se were referring neteller to..... boydd?
Posted Tue Mar 27, 2007 9:14 am GMT by Sean_in_NJ
I can no longer argue against your superior knowledge of global economics in the 21st century.
Posted Tue Mar 27, 2007 9:15 am GMT by vyni
What was pulled with the UIGEA is nothing new. It didn't set any new precedent: this is one of the many dirty tricks that our politicians can and will pull. You'll find the average American is outraged and disgusted at how our government operates. I know I am. I always have been. I think that the manner in which the UIGEA was attached to the port security bill should be criminal. For anyone in the senate to have known it was attached and voted against the security bill... it would have been political suicide.
I hate to say it, but what poker needs now is one of these same dirty tricks pulled in its favor. The talk lately of Frank and the idea of correcting the UIGEA mess... I doubt you'll find enough support (for political reasons) to get anything passed through by a vote.
There really should be some officer or committee that reviews all legislation that passes through the houses and strips unrelated content/provisions from it, requiring all issues to be voted upon fairly. But, that's just not how our government works. It's supposed to be, but it's not.
Let's not forget HR4411 either: this passed the house prior to the UIGEA with a vote of 317 to 93. Once the UIGEA found its way onto that port security bill, that's all anyone has focused on. HR4411 made its way to the senate calendar, and pokers hope at that time was that the senate would simply blow it off with more important matters. Once the session ended, the resolution died. But let us not forget how close it came.
7/11/2006 Passed/agreed to in House: On passage Passed by recorded vote: 317 - 93 (Roll no. 363).
7/13/2006 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 519.
Anyways... we'd need access to poker rooms account info to get the actual poker community market shares, but looking at THP traffic patterns: in the past 4 weeks, 50.4% of all traffic was US based. 9.4% came in from Canada. 0.3% from Turkey. Keep in mind though that THP is currently only available in English, and the bulk of her traffic comes from Google, so those numbers really only are applicable in contrasting the US with Canada for player pool shares.
Posted Wed Apr 11, 2007 11:14 am GMT by vyni
Related article:
| Quote: | PartyGaming has announced its departure from the Turkish market following the passing of recent anti-online gaming legislation.
In a statement to the London Stock Exchange, the company said that “in light of the passing of recent legislation which prohibits certain forms of online gaming from being offered by any unauthorised domestic or foreign company to citizens in Turkey, it has now taken all reasonable steps to ensure that customers in Turkey are denied access to any of the Group’s gaming sites.”
The company added that revenue from customers in Turkey does not represent a material proportion of the group’s revenue.
Austrian bookmaker Bwin announced in early March that it was temporarily halting its services and products to Turkey.
However, industry analysts expect the new law will eventually allow bookmakers to apply for operating licences in Turkey, although no timeframe has been given.
Bwin said at the time it was pulling out of the Turkish market as a gesture of goodwill. The company generates around 6% of its gross gaming revenues form Turkey. |
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