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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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Tim Chung Wins MPNPT Manchester -
The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.
MPNPT Manchester Day 2 -
Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.
Day 1B MPN Poker Tour Manchester -
Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.
Day 1A MPNPT Manchester -
The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days
Kung Fu Rooster Slot Goes Live -
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Sensational Sixes Slot Goes Live -
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3 New Betsoft Slots -
3 new Betsoft slot Games were also added this week to most online casinos allowing US players.
2017 Bodog Super Millions Poker Open -
The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.
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