Despite seeing a decline in the number of first-time depositors, white label gaming software and services provider Nektan Plc. posted 44.8 percent revenue growth in the third quarter of its fiscal 2017-2018.
In a regulatory filing, the Gibraltar-based company reported that its revenue during the January-March 2018 period grew to £5.1 million (US$7.2million) from a restated amount of £3.5million ($4.94 million) in the corresponding period last year.
Meanwhile, cash wagering was up 43.8 percent to £142.4 million ($200.78 million) from £99 million ($139.59 million) in the period.
Nektan Interim Chief Executive Gary Shaw said the company’s success in its third quarter lay in its growing commercial and operational strength throughout international markets.
“The significant increase in net gaming revenues and cash wagering from our European white label business represents continuing growth momentum,” Shaw said in a statement.”This growth, at the same time as launching into new markets, underlines Nektan’s strength of management and technical capabilities.”
The company managed to buck the negative impact of the dwindling number of first-time depositors, which shrunk 5.4 percent to 36,359 in Q3 from a high of 38,424 during the same period last year.
Shaw attributed the dip in the number of first-time depositors to the firm’s “continued focus on the quality of the player and spend.”
During the third quarter, Nektan launched 18 new sites and five new partners to bring the company’s total brands to 111 and 49 partners, respectively.The company hopes to launch up to 20 new sites from both existing and new partners throughout the quarter ending 30 June 2018.
Nektan reported that its game vendors launced a total of 73 games in the third quarter, diversifying its game portfolio. Nektan said that this is part of the company’s goal to rationalize sites and partners as the firm focuses on operational improvement.
Its B2B segment also recorded revenue growing to £83,000 ($124,080) during Q3 FY18 versus £47,000 ($66,270) in Q2 FY18.