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Netent Profits up over 33 percent
2/5/10 - Management and employees at the Swedish online gambling software provider Net Entertainment are celebrating a remarkably successful year despite difficult economic conditions, reporting that full year after tax profits soared by over a third on the previous year's results.
After tax profits for the full year rose 35 percent to SEK 107.7 million (Euro 10.5 million) from SEK 80 million in 2008. Operating profit soared even higher - to SEK 87.8 million, or 37 percent up on 2008's SEK 32.4 million, and revenues for the year jumped by 46 percent up to SEK 300.1 million (2008 FY: SEK 205.6 million).
President and chief executive Johan Öhman said that the fourth quarter showed stronger performance than the third, and that the upward trajectory has continued into 2010. “We saw strong growth at the end of 2009 with a revenue growth of 12 percent during the fourth quarter compared to quarter three," explained Ohman.
"The increase was the result of organic growth by existing licensees. The number of game transactions increased by 23 percent during the same period. Combined, this result shows that there is a strong market development and demand for our products. This positive trend has continued in January 2010.”
Ohman is optimistic on the company's prospects for 2010, saying: “We have a solid order backlog comprising, for example, Expekt and Microgame which, together with Sportingbet rolling out CasinoModule on additional geographical markets, will create new license revenues.
“The implementation of Seamless Wallet is ongoing with our major licensees. This functionality enables operators to place Net Entertainment's games in other parts of the web portal than the casino and thereby offer games to a larger share of their players, creating a foundation for increased gaming revenues from new player segments.
“CasinoCafé had positive development during the fourth quarter with increasing volumes; however, from a low level. Delta Invest continues the roll-out of CasinoCafe, which has been slower than expected, with focus primarily on the Ukraine market.”
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Gambling News :
Playtech Acquires ECM Systems -
Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.
Marks and Spencer store Manager steals to Gamblie Online -
The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.
Chinese Gambling crackdown could damage high roller revenue -
Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.
EvenBet Open Face Chinese Poker -
Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.
2016 EPT Malta -
The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.
Team Hot Launches -
#teamhot The Philippines licensed and GGNetwork-powered online poker operator Natural8 has announced the appointment to its "Team Hot" professional player line-up of Asian poker aces Kitty Kuo, Xuan Liu and Dong Kim.
Netent Q3-2016 Earnings Report -
#netent The UK continues to be an important growth driver but the weaker pound had an estimated negative effect of about three percentage points on revenue growth compared to the same quarter last year.
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