Nektan, an international gaming technology platform, has seen its second consecutive record quarter. In a press release issued by the company, it announced that Q2 for its latest fiscal year, which will end June 30, 2019, saw a 22% increase in cash wagers year-on-year, helping the company take in revenue of approximately $11 million. Overall, the company has seen total gaming revenue increase 83% year-on-year.
The main source of income for the company is tied to its business-to-consumer (B2C) white label managed casino solutions. This segment saw growth of 31.9% to just under $8 million. Nektan has recently signed new agreements that helped boost this segment, such as those with Shipley Brothers, and has also made improvements to its tech platform, including a new Content Management System and an updated Partner Request Console.
Because of its improved results, the company forecasts that the EBITDA (earnings before interest, taxes, depreciation and amortization) of its European operations will break even by the time the fiscal year draws to a close.
The improved performance should give the company a much-needed boost. It reported last week that it saw wider losses for its previous fiscal year, even though it had enjoyed a 51.5% year-on-year increase on revenue. The company’s CEO, Lucy Buckley, who has only been on the job for about a month, stated, “This record-breaking quarter for the group has not only highlighted that we have made significant enhancements to our technology, but we are becoming a firmly established business that is on track to be profitable in our core European business by the end of this financial year.”
Nektan has also been busy in North America. Respin, it’s U.S. subsidiary, has signed several deals to offer on-premises gaming via mobile devices with groups in the tribal gaming and commercial casino sectors. It also signed a partnership with an unidentified tribal casino in California during its previous fiscal quarter and that deal will see Respin take its products live at the casino next month.
Respin has also locked up a couple of other agreements. It has agreed to a deal with Leap Virtual Sports and Grand Vision Gaming to offer those firms’ content on Respin’s mobile platform. Respin will be able to offer both Class II and Class III gaming as a result of those agreements.