Winds of Change Bring Neteller Back to the US Market
Neteller returns
Optimal Payments signs agreement with Ceasars as a first step to offer payment processing to US players again.
As any player can tell, having a solid software, flashy graphics and attractive bonuses are just one part – albeit a very important part – of online and mobile casino gambling.
In a similar manner, great bonuses, informative content and live betting are not enough to keep the customers of internet and mobile sportsbooks satisfied.
In all cases, the ease and security in making payments and withdrawing the winnings are just as indispensable to the sustained popularity of any gambling destination in the virtual world.
For this reason it is always useful to keep an eye not just on gambling operator activity and gaming software development, but also on other industry stakeholders who contribute to the full gambling experience by providing payment services.
One such player is payment processing company Optimal Payments, planning to ride the tide of legalization and re-enter the US market where it had a strong presence until 2006.
Once operating under the names of Neovia and Neteller, the company was forced to exit the US in the wave of anti-gambling fervor, after federal prosecution and a hefty fine made further operations untenable. Building on their exceptional success in the European and Asian markets, as well as broadening business activities beyond gaming has allowed the company to return to profitability – and to America.
“We have great growth in all facets of our business,” commented Optimal CEO Joel Leonoff on company prospects in a recent interview with FT. Indeed, figures show that 2012 revenues jumped 40% to USD 179 million.
The above growth is due in large part to the company’s online transaction processing business Netbanx, as well as the e-wallet provider Neteller. This latter brand is meant to serve as the main vehicle for the company’s return. According to Leonoff the Neteller name “still has a very valuable, well-regarded reputation” among US customers.
Although only Nevada, New Jersey and Delaware have legalized online gambling so far, several more, from California to Hawaii are likely to follow as early as this year, with the market expected to really pick up speed in 2014. Sounding highly optimistic, Leonoff stated his assessment that as many as “ten states will offer entry to gaming,” with even a permissive federal legislation (“the holy grail for gaming”) looking feasible to him.
For now Optimal has signed an agreement with the online arm of Nevada-based Caesars Entertainment and the company expects to such agreements in other states as well. If everything goes as planned, as soon online blackjack and poker become legally accessible to American players later this year Neteller will be among the payment options available from the very start.