The Finish state-controlled gambling monopoly, Rahaautomaattiyhdistys (RAY) is reaping the revenue rewards after jumping onto the online gambling gravy train late last year.
Ray has announced that gaming revenue for the year 2010 grew approximately €24M in 2010 to €674.5M, which represented growth of 3.7% compared with the previous year.
RAY indicated in the company’s report that their 17,069 slot machines situated in 7,747 gaming locations had reported a 4.8% increase in revenue during the year, and had accounted for 79 per cent of total gaming revenue of €536M.
In the company’s report, RAY said that its online gaming operations that were launched at the beginning of November 2010 in partnership with Playtech, had recorded a profit of €2.4M in one month alone.
Total Profit for the year was €382.2M which represented growth of €7.1M compared with the previous year. Operating costs did increase by 5.3%, but just how much of that was to build the infrastructure the company didn’t specify.
But it doesn’t take an MBA genius to see how profitable the online gambling business has been for RAY. The Finnish state-run monopoly was able to launch Ray.fi after satisfying rigorous testing to meet suitable standards. Since then, and since their partnership with Playtech, the company has seen their product blossom in the Finnish market.