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Net Entertainment Revenues for Q3/2010 Up 21 percent

Revenues for Q3/2010 Up 21 percent
 
Gaming software provider, Net Entertainment "saw good development during Q3/2010 with a 21 percent growth in revenue (35 percent in local currency) which should be compared with the 14 percent market growth predicted by H2 Gaming Capital for the full year of 2010", commented Johan Öhman, president and CEO.
 
Third Quarter Highlights included:
 
- Revenues for the third quarter increased by 20.8 percent to SEK 91.6 (Q3/2009: 75.8) million
 
- Operating profit increased by 13.8 percent to SEK 34.1 (Q3/2009:30.0) million
 
- Operating margin was 37.2 (Q3/2009:39.5) percent
 
- Profit after tax amounted to SEK 30.0 (Q3/2009:20.8) million
 
- Earnings per share amounted to SEK 0.76 (Q3/2009:0.53) before and after dilution
 
- Two new license agreements were signed
 
First Nine Months 2010:
 
- Revenues for first nine months increased 25.2 percent to SEK 268.7 (214.6) million
- Operating profit increased by 21.0 percent to SEK 102.7 (84.8) million
- Operating margin was 38.2 (39.5) percent
- Profit after tax amounted to SEK 91.4 (75.3) million
- Earnings per share amounted to SEK 2.31 (1.90) before and after dilution
- Eight new license agreements were signed, including Gioco Digitale/bwin.it, Interwetten, Intralot and Stan James, and eight new customers' casinos were
launched
 
Important Events in Q3/2010:
 
Revenue growth for the third quarter was 35.1 percent in local currency compared to the Q3/2009 and 6.0 percent compared to the previous quarter. The strengthened Swedish currency has held back revenue growth in SEK.
 
The regulation of casino games online in Italy continued during the quarter.  The market is still expected to open at year-end. The integration has continued during the quarter.
 
Agreements were signed with an operator in South America, which is a region expected to become an important market for online gaming in the future. The integration of Stan James has progressed well and launch is still planned for the fourth quarter.
 
Net Entertainment has received a license to offer its casino solution to gaming operators who are licensed by the Alderney gaming authority or other reputable gaming authorities. In addition, this gives an opportunity to further strengthen the customer offering by providing alternative hosting if serious disturbances occur, so called disaster recovery.
 
Comments from Johan Öhman, President and CEO:
 
We saw good development during the third quarter with a 21 percent revenue growth (35 percent in local currency) which should be compared with the 14 percent market growth predicted by H2 Gaming Capital for the full year of 2010.
 
The announced agreement with Universal will allow us to develop games based on well recognized brands where the first release will be made during the first half of 2011.
 
The regulatory development in Italy is progressing well and the first casino licenses are expected to be awarded around year end. Operators holding an existing license in Italy will be first out which will benefit Net Entertainment as several of the licensed operators are existing customers to us.
 
Significant efforts have gone into setting up a hosting facility in Alderney which will be commissioned during the fourth quarter. The Alderney Gaming Commission issued license which was received during the fourth quarter will enable us to better address certain markets such as the UK but equally to provide disaster recovery services to our existing licensees.

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Gambling News :

Amaya FY2016 Trading Update - The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.

Another Mega Fortune Dreams jackpot for Euro 3.5 million - In a statement Friday NetEnt advised that the lucky player is a 62-year-old woman from central Finland who won the seven-figure sum from a Euro 1 stake.

Stanleybet has filed a legal action against the government of Cyprus - Bookmaking firm Stanleybet has filed a legal action against the government of Cyprus, claiming Euro 12.5 million as compensation for what it claims is loss of profits and opportunities, prejudice to image and business reputation and legal costs.

LeoVegas To Sponsor Leicester Tigers - The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.

Optima Information Services iShop - Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.

Golden Nugget Las Vegas Launches New Betting App - Golden Nugget Las Vegas has unveiled a sports wagering app offering Nevada punters the comfort and convenience of being able to wager from anywhere in the state.

CAGAYAN CHIEF MOVES TO REASSURE LICENSEES - Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.

New Massachusetts Online Gambling Bill - It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.

Las Vegas Sands Fined for foreign bribery allegations - #lasvegassands Las Vegas Sands, the land casino company owned by multi-billionaire US mogul Sheldon Adelson, has again had to cough up a stiff penalty for non-compliance with the law.

Libratus AI Program Destroying Human Poker Opponents - #Libratus With 40,340 hands played (about a third of the 120,000 planned) Dong Kim is down $29,506, whilst Jimmy Chou ($113,7728), Daniel McAuley ($141,877) and Jason Les ($186,489) are all carrying losses.

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