Neteller To Withdraw From Israeli Market

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Legal uncertainties given as the reason

In a separate press release, Neteller announced that it will no longer process transfers related to online gambling sites on behalf of Israeli resident customers.

Recent legal developments have increased the uncertainty regarding the legality around certain activities related to online gambling in the Israeli market, the company statement informs, adding that management has therefore concluded that Neteller will no longer process transfers related to online gambling sites on behalf of Israeli resident customers.

This voluntary and phased withdrawal of payment services will be executed in line with the following timetable:

Neteller will cease processing transfers to online gambling merchants for Israel-resident customers with effect from 12.01 a.m. GMT on Thursday 19 July 2007.

The e-wallet will cease processing transfers from online gambling merchants to Israel-resident customers within two weeks, with effect from 11.59 p.m. GMT on Tuesday 31 July 2007.

Non-gambling related services will not be affected, and Israel-resident customers will be able to continue to use their e-wallet account for any non-gambling related money transfers and withdrawals.

Local funding options for the Neteller e-wallet will continue to be available to Israel-resident customers.

The statement stresses that customers located in other parts of the world are not affected by this change, and will continue to receive Neteller services in the normal manner.

"The Israeli business of the Group does not represent a material proportion of the Group’s overall customer base, revenue or profitability," the statement concludes.