Quarterly progress for Net Entertainment

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Online gambling software developer Net Entertainment AB has released its interim financial results for the first quarter of 2013 showing a 16.7 percent year-on-year increase in revenues to SEK148.8 million ($22.4 million).

Stockholm-based Net Entertainment revealed that its operating profit for the initial quarter of the year rose by 2.2 percent year-on-year to SEK41 million ($6.1 million) although the margin declined by 3.9 percent when compared with the same three-month period in 2012 to 27.5 percent.

All of this left Net Entertainment with a profit after tax SEK32.9 million ($4.9 million), which represented a decline of almost five percent year-on-year, while the firm stated that ‘strong growth’ in Italy saw that market emerge as its second largest after the UK.

Net Entertainment declared that ‘important events’ during the quarter included signing agreements with Bonza Gaming and 888 Holdings in addition to five licensing deals with existing customers for delivery of its Live Casino alongside a similar number for its Mobile Touch innovation.

“Net Entertainment continued to show good growth and profitability during the first quarter,” said Per Eriksson, Chief Executive Officer for Net Entertainment.

“The company signed six new agreements and the number of contracts within Live Casino and mobile games continues to increase. In addition, the company continues to invest in organisation, systems and product development for future growth in a market with great opportunities.”

Net Entertainment also confirmed that it is currently in discussions with a number of new operators in the United States and Europe.

“We are looking at what opportunities can open up in the United States but do not underestimate the challenges that such an effort would mean,” said Eriksson.

“We continuously monitor the potential of new markets that are about to regulate and carefully evaluate when and how Net Entertainment can take action.”

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