$16 Million Dollars

BooksWorstEnemy · Jul 18, 2005

I am looking at the possibility of parking large dollars with Neteller. This company made $16 million dollars in the first quarter of '05 after all expenses, including management bonuses of $1.7M. They've also got over 1.5 million members.

I think the offshore gaming industry is much larger than I previously realized.

http://investors.neteller.com/neteller/upload/TradingstatementMay2005.pdf

The only thing I don't like about having my money with Neteller is the fact that there is no fraud protection. If some hacker gets your ID and drains the account, I think you are SOL. In the US, if that happens to your bank account, you get the money back.

Later,
Books Worst Enemy

Aquatic · Jul 18, 2005

$16 million for a quarter is something special?

If you use a checking account and want to transfer money to another account through Neteller to another bank then you have to go through a merchant before it can be moved back into the other account so the double fees are probably helping their profits.

Fishhead · Jul 18, 2005

1.5 million members and on pace to make $64,000,000 for the year!!

Observations and thoughts........

1. They are doing well!

2. With 1.5 million members and only 90 drawings a year, one can plainly see how hard their drawings are to win.

3. A bolder attempt by some company needs to rival them.

4. Since they are making 64 million a year, perhaps they could start increasing the purses for the drawings. Currently they handout approximently $88,000 in drawing money per year.

$16 Million Dollars

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