Beneficial Holdings entering online gambling sector

10/13/09 - Beneficial Holdings Inc., a Nicaraguan-based gaming company that has pushed out an extraordinary number of press releases on its land activities this year, has announced progress in finding a white label online casino provider, narrowing its search down to two companies.

The search is part of the company's strategy to enter the online gambling sector, announced in July this year.

Management has decided to abandon its original intention to set up in Costa Rica due to tax and regulatory changes imminent in that country. Instead, it will focus on forming a joint venture with an established casino operation that already maintains the proper licensing for online digital casinos.

The hunt has now been narrowed down to two vendors, which the company does not identify in its latest press material. Each is prepared to provide all programming and maintenance of the online casino, process all transactions, and provide ongoing technical support. The casino will be built to Beneficial's standards and brand, while continuously providing complete access to all transaction data.

In exchange, the casino developer-processor would receive a commission ranging between 20 and 30 percent, management said.

Beneficial is in the final stage of negotiations and expects to announce its final decision within the next three weeks. In the interim, the company will continue its affiliate marketing relationship with Virgin Games.

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