| | |  | Last Updated: Tuesday, June 19, 2007 |  | | | ECash Firm Benefits from Online Gambling Boom
- Saturday, 18 Feb 2006
While gambling firms continue to post huge profits, many companies associated with the industry are also benefiting from the online gambling boom. Electronic cash processor Neteller works closely with gambling operators and has recently recorded a strong fourth quarter performance resulting in $4.1 million U.S. dollars each day. The increase from $2.3 million for the same period since 2004 has been boosted by the 3197 new members Neteller has signed up since the previous quarter.
Neteller’s new chief executive and president Ron Martin is understandably proud of his firm’s phenomenal fourth quarter success. Based in the Isle of Man, Neteller is one of the major electronic cash providers favored by the online gambling industry. Since partnering with a number of gambling operators, Neteller’s membership has increased dramatically. Since 2004, 1.069,318 new members have signed up, boosting total membership to 2,320,670. Many of these are thought to be gambling fans new to the world of online casino playing.
Neteller’s total yearly revenue for 2005 has also increased. The current figure of $3.4 million each day over the year represents an increase of 90 percent on the $1.8 million recorded in 2004. While it is difficult to predict just how many transactions Neteller performs each day to online gambling firms, it is safe to say that gambling fans make up a large proportion of Neteller’s regular customers. Strong growth is predicted again for the company’s first quarter in 2006.
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