The hit on Neteller may have been harder than some people were expecting, although most gaming analysts were expecting the worst. Well, the "hit" is certainly official now that Neteller has prepared its first quarter financial statement, which was released as of yesterday. According to the statement, after restructuring costs, legal fees and other expenditures, Neteller has posted a quarterly loss of $14 million, which was a stark contrast to earnings of $16 million generated from online casinos and gambling activities the same time last year.

After the $136 million settlement with the U.S. Attorney's Office, Neteller reports they are left with $74.5 in cash balances. Neteller now says they are working to get back on their feet, despite the fact their active customer base outside of the United States has dropped by two-thirds its original amount. However, Neteller says they are going back up on the Alternative Investment Market of the London Stock Exchange and are currently realigning their cost base with anticipate global revenues for the remainder of 2007.

Neteller presumably also took a big hit after exiting the Canadian online gambling market. Since Neteller did not exit Canada until near the end of the first quarter, Canadian losses were not attributed to this statement. Total revenue for the first quarter was $32.7 million, with approximately $14 million of this sum still coming from U.S. players. Total revenue was down by $39.1 compared to the first quarter of 2006.