NetEnt Plans to Enter Canadian Online Casino Market

Published Saturday, October 22, 2016 -
NetEnt Plans to Enter Canadian Online Casino Market

Serving over 100 of the world’s most prominent online casino operators Swedish online gambling technology operator NetEnt has announced it will try to re-enter the Canadian online gambling market.

Last spring a number of NetEnt licensees began informing their Canadian punters that they would no longer be able to access NetEnt products. NetEnt was reported to have expanded this restriction to all Canadian-facing licensees earlier this month.

Per Eriksson NetEnt’s Chief Executive Officer used the Q3 report to announce that the company “will apply for a license in the province of British Columbia in the fourth quarter.” Figures released Friday show NetEnt’s revenue in the three months ending September 30 up 27.7% to SEK 357m (US $40.1m). The company says revenue would have been around 3% higher had the British currency not lost ground. Q3’s operating profit had gained 23% to SEK 129m and profit after tax moved to 22.2% to SEK 119m. NetEnt’s operating margin came in at 36.2%. Mobile revenue increased 83% year-on-year, accounting for 40% of all the gains in Q3 revenue. Generally after the first three quarters of 2016 NetEnt’s revenue gained almost one-third to SEK 1.05b, operating profit rose nearly 36% to SEK 380m and profits were up 37.2% to SEK 354.5m. The company operating margin stayed at 36%.

NetEnt moved quickly in the third quarter with the signing of eleven new customer arrangements which included the launch of eight new online casinos including the Rank Group and a number of online gambling operators in NetEnt’s new Romanian market. NetEnt also launched its new mobile live online casino creating another exciting experience for consumers of online casino products.

Should the license be approved by the British Columbia Lottery Corporation, NetEnt products and games will be made available to the customers in Canada’s most western province.



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