Neovia Waiting for Green Light

In 2007, Neovia Financial, (at the time named NeTeller), withdrew from the US market altogether after threats of prosecution from the US Justice Department.

In a recent interview with Ecommerce Journal, NEOVIA 's Vice President of Communications, Andrew Gilchrist touched on the impact of the company's withdrawal from the US market in 2007 and its passive plans to once again enter the largest internet market in the world.

Following the enactment of UIGEA, the US Justice department sought settlements with a number of companies involved with the advertising or payment facilitation of online gambling sites licensed outside the US. Along with the likes of Google, Yahoo and Paypal, Neovia reached a financial settlement with the US Government and ceased providing the services in question.

For Neovia, which continues to service the online gambling industry, this meant a withdrawal from the US market altogether. The bottom line impact of this forced move was significant - a 65% reduction in total revenues, and a significant downsizing of their workforce.

Today, Neovia remains optimistic of a return to the US market if and when an online gambling licensing regime replaces UIGEA.