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Net Entertainment Shows Q1 Growth


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After publishing positive financial results for 2011, top online gambling
software vendor Net Entertainment AB is keeping up the good work in 2012 judging
by its impressive interim Q1 financial results, which showed a year-on-year net
revenue rise of 33.9 per cent to $18.97 million.

Based in Stockholm, Sweden, Net Entertainment is fast catching up to such
longer-established rivals as Microgaming and Playtech, as more and more
operators choose to run its online casino software which is renowned for being
graphically rich, reliable, popular and extremely lucrative.

According to Net Entertainment’s Q1 interim financials, the firm’s first
quarter operating profit grew year-on-year by more than 52 per cent to $5.96
million, while its overall profit for the period – after tax – was $5.14
million, a notable 51 per cent increase over the first quarter of 2011.

The Swedish Firm has Signed a Host of New Deals

The Swedish firm has attributed its positive Q1 results to an increase in
revenues from the ongoing growth of its existing customer base, as well as
through the signing of a host of new customer agreements.

Said Net Entertainment CEO Per Eriksson, ‘The development for Net Entertainment
has been positive during the first quarter. Revenues increased by 33.9 percent
and operating profit increased 52.4 percent compared to the same period the
previous year. The revenue growth is primarily a result of increased volumes
with our existing customers but also due to new agreements signed and the launch
of new customers.’

This year Net Entertainment has signed lucrative new software agreements with 11
operators for its state-of-the-art new NetEnt Touch mobile product, boosting the
firm’s total number of mobile gaming partnerships to 14.

This is unsurprising given the growing popularity of mobile gaming around the
world, and recognising this new trend, Net Entertainment has been on the
forefront of developing a reliable and robust mobile gaming offering.

Net Entertainment Set to Launch New Mobile Games

Read a statement issued by Net Entertainment: ‘During the first quarter
development of the mobile platform was initiated to be compliant with Android
units. In addition, development of several new mobile games has been initiated,
which will be launched during 2012.’

Like many of its rivals, Net
Entertainment is also actively seeking to enter newly regulated online gambling
markets, and in this vain has targeted many countries, including Italy.

Said Eriksson, ‘We are also starting to see results from the investments we
have made in Italy, which is now the our third largest market where Norway and
Sweden are our two largest markets. While slots are not yet allowed, the
development has been positive in Italy where volumes have increased. We are
ready to launch slot games as soon as the gaming authority allows it.’

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