BUSINESS

Net Entertainment celebrates “yet another record quarter” in Q3

TAGs: Net Entertainment, netent

net-ent-record-breaking-quarterSwedish online gambling technology provider Net Entertainment have followed up their record-breaking Q2 with a stellar Q3 trading update. Revenue rose nearly 42% year-on-year to SEK 217.2m ($30m), while earnings jumped nearly 65% to SEK 73.4m ($10.1m) and profit after tax gained 68% to SEK 67.5m ($9.3m). For the first nine months of 2014, revenue is up over 35%, while earnings and profit are both up 46% over the same period last year.

Game transactions rose 37% in Q3 and mobile channels accounted for 16.5% of group revenue, up from 13% in Q2. The number of Live Casino customers rose to 32, up from 27 in Q2 and nearly double Q1’s total of 18.

Net Ent inked seven new customer agreements in Q3, including two major deals with Bwin.party and Betfair, the latter deal having launched during the quarter. Net Ent has deals with 14 new customers that have yet to launch, including Amaya Gaming’s new acquisition Full Tilt.

Looking forward, Net Ent says it’s studying the potential for acquiring a Spanish license, given the country’s recent moves to finally legalize online slot play. Net Ent has also applied for a new UK Gambling Commission-issued license. In Italy, Net Ent is working with the AAMS regulatory body to put the screws to operators not holding an Italian license and Net Ent says it “does not intend to deliver the company’s products to unlicensed operators in Italy after the end of 2014.”

While the company intends to retain its European focus, Net Ent CEO Per Eriksson announced in July that Björn Kravitz, managing director of Net Ent’s Malta operations, would spearhead the company’s push into the US regulated online gambling market in New Jersey. Net Ent has now announced that Kravitz’s former job will be assumed by Enrico Bradamante, current deputy boss of Malta operations, effective January 2015.

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