Neteller the largest online payment processing group will be cutting 250 jobs at the companies Canada and UK offices.
Neteller will be letting around 220 people go from its call center and security operations in Calgary, and Alberta Canada. The company will also have to cut another 30 jobs in their Britain office when Neteller moves its operations from Gatwick to Cambridge in March.
In a statement from a Neteller spokesman the job cuts are a result of a "reorganization and restructuring of its operations."
The company's services were used almost exclusively for transferring payments to and from Online gambling sites, until the United States Made these transactions illegal by passing the Unlawful Internet Gambling Act in October 2006.
Since the law was passed banning bank transfers to online casinos there have been a large number of online casinos that have stopped taking bets from anyone inside the USA, and this has caused Neteller to also pull out of the American Market.
A spokesman for Neteller said that the layoffs are directly because of the ban on online gambling in the USA.
Since getting out of the American online gambling market Neteller's transfer volume and customers have almost completely dried up.
The spokesman also said "The Company is looking to expand in Europe and in Asia in particular, and has plenty of product areas (it) can expand into"
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