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CHANGE OF IDENTITY FOR NETELLER PLC

The online gambling e-cash processor Neteller plc's announcement that it is to change its identity has been interpreted in UK financial circles as an attempt to divorce itself from the past and its expensive (its pre-tax loss for 2007 was $185.7 million) run-in with the US Department of Justice.

The London-listed online payment processor will from November 17 be known as Neovia Financial, reports Reuters news agency.
 
The re-branded group will however retain the names of its three main financial products - Neteller, Netbanx and Net+ - with chief executive Ron Martin saying that the new parent name is aimed at rebuilding its credibility with merchants, customers, partners and regulators.
 
"An element of the strategy is moving beyond the US situation," Martin said.
 
After exiting the US market, Neteller quit its Canadian base, cut more than half its staff and regrouped round European and Asian markets. It pledged to end its dependence on online gambling for revenue, merging its payment gateway with e-wallet operations and launching a new card, Net+.
 
Last month, it reported interim profits of $1.15 million. Martin has revealed the group is ahead of schedule in reaching a target of 18.5 percent in non-gaming revenues - the goal is to reach 30 percent by 2010.
 
"Gaming will continue to be an important part of the business, but on the other hand we have built a payment capability much beyond gaming and many products have an application outside of gaming," Martin claimed.
 
Neteller is feeling the economic downturn as market conditions cause customers to rein in discretionary spending, but remains optimistic. Martin said that from a Neteller perspective, the firm is looking at a three-year game that is unlikely to be materially impacted by present conditions.

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Gambling News :

Amaya FY2016 Trading Update - The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.

Another Mega Fortune Dreams jackpot for Euro 3.5 million - In a statement Friday NetEnt advised that the lucky player is a 62-year-old woman from central Finland who won the seven-figure sum from a Euro 1 stake.

Stanleybet has filed a legal action against the government of Cyprus - Bookmaking firm Stanleybet has filed a legal action against the government of Cyprus, claiming Euro 12.5 million as compensation for what it claims is loss of profits and opportunities, prejudice to image and business reputation and legal costs.

LeoVegas To Sponsor Leicester Tigers - The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.

Optima Information Services iShop - Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.

Golden Nugget Las Vegas Launches New Betting App - Golden Nugget Las Vegas has unveiled a sports wagering app offering Nevada punters the comfort and convenience of being able to wager from anywhere in the state.

CAGAYAN CHIEF MOVES TO REASSURE LICENSEES - Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.

New Massachusetts Online Gambling Bill - It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.

Las Vegas Sands Fined for foreign bribery allegations - #lasvegassands Las Vegas Sands, the land casino company owned by multi-billionaire US mogul Sheldon Adelson, has again had to cough up a stiff penalty for non-compliance with the law.

Libratus AI Program Destroying Human Poker Opponents - #Libratus With 40,340 hands played (about a third of the 120,000 planned) Dong Kim is down $29,506, whilst Jimmy Chou ($113,7728), Daniel McAuley ($141,877) and Jason Les ($186,489) are all carrying losses.

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