Betfair acquire The TV Games Network
January 28, 2009 by mbates
The UK based internet betting exchange Betfair and digital entertainment technology company Macrovision Solutions Corporation has today announced that Betfair has completed the purchased of the TV Games Network (TVG) from Macrovision for $50 million. This move will see Betfair put a massive foothold into the American gaming market.
The TV Games Network (TVG) system is used at 70 horse racing tracks throughout the US, including the major courses at Kentucky and New York. The service allows user to wage from home online, by phone with a web-enabled mobile phone, and a set-top remote control.
The President of US arm of Betfair Gerard Cunningham said: “We are tremendously excited to be the new owners of TVG and look forward to building upon the worldwide experience of Betfair to help grow the business. We believe TVG to be the premium product in the sector, with exceptional staff and loyal customers, and we look forward to working with the horseracing industry to help promote this great sport.”
Although any betting in the USA is strictly regulated it has been seen as off limits area for British companies due to The Unlawful Internet Gambling Enforcement Act which has caused severe problems for many operators, this could see Betfair have a major head start when and if the regulations are eased.
David Yu the CEO of the Betfair Group Ltd said “We have waited to enter the US market until we had a high quality, and above all, legal product offering”
Swiss government look to amend gambling ban
November 28, 2008 by mbates
The Swiss Gaming board is considering removing the current ban on online gambling for national operators so that they can be studied to monitor their quality and to assess whether income can be generated from taxing domestic providers.
Benno Schneider the President of the Swiss Gaming Board said “We should investigate whether Switzerland can grant concessions for internet casinos to national providers, under strict regulations, and if foreign providers can be prohibited from offering online casino services. The advantage of this solution would be that the quality of providers can be monitored”
When he was asked how this could be achieved he indicated that the best method would be to follow the US example (Unlawful Internet Gambling Enforcement Act) and prevent Banks and credit cards from processing payments from gambling companies.
Neteller becomes Neovia Financial
October 15, 2008 by mbates
The popular Isle of Man based online payment processor is due to change its name on 17th November 2008 from Neteller to Neovia Financial and be listed on the Stock Exchange as NEO (meaning new way) as part of a major rebranding exercise. The change is subject to the passing of a special resolution which will be held at an Extraordinary General Meeting (EGM) of the company’s shareholders which is on Tuesday 11th November 2008.
Neteller currently process online payments for companies such as Ladbrokes and was famously one of the major victims of the US law change on Internet gambling in 2006, the Unlawful Internet Gambling Enforcement Act (UIGEA) saw Neteller handed a fine of $136 million dollars. This US act made a 90% reduction in Neteller’s revenue stream and the firm then targeted Asian and European vendors in attempt to recover the lost revenue. It is the aim of Neteller that the new identity will distinguish the parent firm from its individual Neteller, NetBanx and Net+ brands.
