Optimal Payments back in profit
Strong ewallet performance leads to healthy profits as company lines up further US deals
Huge growth from its NETELLER eWallet business saw Optimal Payments return to profits in H1 2013 with 126% growth in EBIDTA and a 74% rise in revenues.
The eGaming Review regional payments solution of the year winner saw net profits for the six months ended 30 June rise to $14.4m, up from a loss of $0.8m during the same period last year.
Revenues were up 50% year-on-year to $118.4m, compared to $78.9m in H1 2012, and EBITDA rose significantly from $11.2m to $25.3m, an increase of 126% year-on-year.
NETELLER, Optimal’s ewallet business, saw revenues rise to $28.3m, marking a 74% year-on-year turnaround after a decline in revenues following Black Friday and the closure of Full Tilt Poker.
Optimal’s president and CEO Joel Leonoff said the firm was pleased with its latest results, highlighting the performance of its ewallet business. “We are particularly encouraged by the performance of the Neteller ewallet with monthly revenues almost doubling from the first half of 2012,” he said.
“Our current focus and investment reflects our excitement about leveraging key opportunities including enhancing our mobile payments functionality, developing new innovative products, continuing with our ongoing geographic expansion and fortifying our payment-related services for the emerging regulated US gaming market,” he added.
Optimal Payments recently signed a deal with Bally Technologies to provide its NETBANX payment offering to the casino supplier’s B2B platform as the payments company looks to increase its presence in the US.
Optimal said the deal with Bally, and a previously signed partnership with Caesars Interactive Entertainment, left it in a strong position for regulated US gaming opportunities and was in talks with other US land-based gaming operators.