NETeller Trading Update – Results in Line with Expectations

The world's premier online payment processor NETeller released a trading update for investors this week, announcing 2007 full year results will meet market expectations.

NETeller processes payments for most of the world's largest online gaming companies, including PartyGaming's Party Casino and Party Poker and 888's Casino-on-Net and Pacific Poker.

NETeller was hit heavily by the UIGEA, with co-founders Steven Lawrence and John Lefebvre arrested early last year on criminal conspiracy charges. NETeller requested its shares be frozen on the AIM, and were forced to seek a compromise with the US DoJ to allow them to resume trading. As part of that settlement, NETeller announced they will be making a final payment of $38.25 million to US authorities this week.

The final payment will be the last of $136 million NETeller has agreed to pay to the US government for operating in the US prior to the UIGEA.

Since the settlement, NETeller has bounced back somewhat. Despite no longer accepting US customers, it still remains the premier payment processor for the global online gambling industry.

The company announced 2008 plans would include the introduction of a new suite of secure and convenient card products, a new rewards program, and a range of new payment options.

Preliminary results for 2007 will be released on March 11. NETeller shares are currently trading at 58.25p.

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