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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.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
New MPN Poker Rooms Tower Torneos -
Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<
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