Online Gambling Payment Processor Neteller Plots US Re-Entry
Optimal Payments anticipates at least 10 states legalizing Internet gambling in the US to legalize the activity over the coming year.
Optimal Payments may not ring a bell for gamblers. But this is the former Neteller, a third party payment solutions company that until January 2007 had operated in the USA and was once considered the “PayPal of Online Gambling”.
Neteller was forced out of the US market following the arrests of the company’s two Canadian founders. Ultimately, it was forced to pay a $136m penalty to Government authorities.
“We think 10 states will offer entry to gaming,” said Optimal Payment President and CEO Joel Leonoff. He believes that California, which represents the 8th biggest economy in the world, could be next to legalize online gambling.
Optimal has had to focus more on nongaming activity, which, according to the Financial Times of London, accounts for 40 percent of its overall business.
From the Financial Times:
Revenues for the year to December 31 grew 40 per cent to $179.1m, while earnings before interest, tax, depreciation and amortisation grew $10.1m to $27.6m.
The group converted a 2011 pre-tax loss of $26.2m into a pre-tax profit of $3.6m.
Shares were down 1.5 per cent to 164.5p.
- Aaron Goldstein, Gambling911.com
