For years, Neteller was THE e-wallet that most online gamblers in the United States used to transfer and receive poker funds. Neteller made it easy for gamblers to deposit money into their accounts as well as withdraw their winnings. However, they quickly got out of the US market once UIGEA began to seriously hinder its business. Now, the company looks to be trying to make their way back into the US.
The Financial Times recently reported that Optimal Payments, the parent company of Neteller, is contemplating returning to the US poker market. The CEO and President of Optimal Payments, Joel Leonoff, spoke with The Financial Times and stated:
“There are different levels of compliance required for suppliers versus merchants [operators]. Merchants have a much more onerous regulatory requirement to adhere to.”
The company is already in position to provide payment options in the US via Caesars Interactive Entertainment. The two have partnered and Optimal Payments is also in talks with land-based companies. Leonoff continued to state in the article that he sees more states opening up to gaming in the next year and the possibility of federalized online poker.
Many players would definitely welcome Neteller back into the United States. The provider was a top choice until the mid-2000’s. The company continued to provide payment options for US players after the 2006 passage of the UIGEA. The government of the US then targeted the company and it was in 2007 the company was directly affected.
The founders of the company were arrested and a freeze was played on all player funds. After a few months the company was able to come to agreements with the US government and the funds were then returned to players. The Neteller Company never ‘officially’ left the US market but ceased to serve customers. In the coming weeks we should see more develop with this story. As always, we will stay on top of all new developments.