PartyPoker Pulls NETeller

PartyPoker Canadian customers were reporting Monday night that the poker room had removed the NETeller payment option immediately following the third party payment solution company's announcement that they will no longer be serving the Canadian market starting next week.

One poster at Two Plus Two wrote:

"It seems Party just couldn't wait 2 weeks, and removed Neteller for Canadians right away. They sure are good at jumping the gun over there!"

Canadians, Europeans and Asians have long been advised to use caution where NETeller is concerned following their abrupt exit from the US market, poor communication efforts and the "mysterious" withholding of millions in customers funds, claiming seizure by US law enforcement.

NETeller's announcement early Monday morning that they would be leaving the Canadian market took many by surprise.

Now there is concern as to the solvency of this company.

"65% (American) + ~30% (Canadian) = 95% abandonment of revenues!? OUCH!" expressed one poster on the MajorWager.com forum, which is very popular with Canadian sports bettors.  The poster in question referred to belief that NETeller has all but abandoned 5% of its customer base.

Antsy investors meanwhile questioned what this meant to the share price Monday.

"Neteller is now firmly acting like a company which is being managed by its legal advisers rather than its directors!" commented one investor at Interactive Investor

Still, many shareholders in NETeller were not giving up hope.

One individual commented:

"I think we could end the year on or around 200p. I think current holders are strong and won't sell too easily, good results will be released from last year an the NLR 2 will be released."

----

Christopher Costigan, Gambling911.com

Originally published March 26, 2007 10:25 pm ET