Neteller, the online payment processor, has announced positive figures for the first half of 2008. Total income for this time period grew to $35.9 million, with revenues from its e-wallet product growing by 10%.
This is good news for Neteller, which has been struggling to recover since the implementation of the Unlawful Internet Gambling Enforcement Act in 2006 – a law that led to serious financial losses for the company.
The President and Chief Executive Officer of NETeller, Ron Martin said this week, following the results: "The business has delivered a solid performance in the first half of 2008. We have made significant steps in repositioning our business and the adoption of our Merchant Solution Suite among both gaming and non-gaming customers is beginning to drive tangible benefits."
Part of Neteller’s success has been its diversification into the Asian and European markets.