BUSINESS

Net Ent revenue rises in H1 as company eyes US partnerships

TAGs: Net Entertainment, New Jersey Online Gambling

net-entertainment-revenueStockholm-based online gambling software outfit Net Entertainment saw its revenue rise 14.6% to SEK 297.5m ($45.2m) in the first six months of 2013. The company’s H1 operating profit of SEK 79.7m was unchanged from the same period last year, despite the fact that operating margins fell 3.9%. Profit after tax rose SEK 300k to SEK 71.7m, despite the second quarter including what CEO Per Eriksson called the “low season that normally starts in May.”

Eriksson touted Net Ent having inked a dozen licensing deals in H1, including a high-profile deal with Lottomatica in Italy and pacts with 888 and SkyBet in the UK. Eriksson bemoaned the fact that the launch of the company’s live casino product was moving forward “at a somewhat slower pace than expected.” Eriksson said Net Ent had inked a total of 19 live casino agreements, but only eight of these have actually launched the product. Eriksson cautioned that “certain operators are waiting to fully market the product until blackjack is live.”

Net Ent is also eyeing Stateside opportunities for its casino products. Eriksson told analysts he was visiting the US on an almost monthly basis scouting “solid and close partnerships” in New Jersey. (Not all companies that have inked partnerships with Atlantic City casinos have their own in-house casino software, a significant detriment in a soup-to-nuts online gambling state like New Jersey.) Net Ent is also eyeing deals in other states that have yet to confirm their online gambling plans. Speaking to eGamingReview, Eriksson said Net Ent wasn’t interested in inking anything exclusive. “For us, it’s the more operators who have our games the better.”

Comments

views and opinions expressed are those of the author and do not necessarily reflect those of CalvinAyre.com