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Online Casino News - October, 2008

Neteller Diversifying out of Online Gambling Sector

 

 

  Seed Newsvine

by Margaret Oliveira, News Staff Writer

October 9, 2008

If there's one thing that Neteller is known for, it's the high stakes battle it had with the U.S. Department of Justice shortly after the passing of the Unlawful Internet Gambling Enforcement Act. Despite the fact that Neteller has long been the most reliable and widely used third party eWallet for transferring funds to and from online casinos the ugly and unfair persecution brought on by the US DOJ is what caught most of the "Neteller" headlines for the world to see.

This is precisely why Neteller has decided to change its name to Neovia Financial and disassociate itself from its raucous past. Although the company has not officially said its U.S. affairs were the reason for the name change (no need to draw more attention to the matter), the rumor circulating within the gaming and financial industries bespeaks that to be case.

According to CEO, Ron Martin, Neteller isn't just changing its name. In actuality, the company is being re-branded and adopting a parent company name with the aim of rebuilding credibility with merchants, customers and regulators. All three financial products - Neteller, Netbanx and Net+ (a new financial card) will be retained by the company.

"Moving beyond the U.S. situation", said Martin, the company wants to show the financial services community that it is ending its dependence on internet gambling revenues (Neteller was the AIG of the online gambling industry at one point in time). And the company is already ahead of schedule in diversifying its revenue stream so that 18.5% will come from non-online gaming sources. With continued focus on the European and Asian markets, Neteller seeks to reach 30% non-gaming revenue by the year 2010.

And so starting November 17, Neteller will be referred to as Neovia Financial (maybe just Neovia for short). Heck, even NeoWallet has a nice ring to it.



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