NETeller cuts off Canadian, Turkish markets

NETeller will no longer allow Canadian or Turkish account holders to do business with Internet gambling companies the company announced in a press release today.

"The Group continually assesses the risk profile and status of the markets its (sic) serves," the release states. "Recent actions by regulators, payment processors, and online gambling operators have increased the uncertainty around certain activities related to online gambling in some jurisdictions."

It's not certain what regulatory uncertainty prompted NETeller's withdrawal from Canada, but it is the second major online gaming firm to leave the country in the last four weeks. VIP.com announced in late February that they would no longer accept new Canadian customers. No reason for VIP's move was disclosed either.

Canadian NETeller customers will be able to make Internet gambling transactions until April 9, although the InstaCASH deposit option has been suspended immediately. Canadians, unlike Americans, will still be able to use their accounts for non-gambling transactions and to make peer-to-peer transfers.

Turkish customers will also be able to use NETELLER accounts for non-gambling activities, but they are no longer able to conduct transactions related to Internet gambling effective immediately.

Reuters is reporting that 30% of NETeller's current (non-U.S.) revenue comes from Canada.