Sweden's Net Entertainment Shows Major Gains

Published Saturday, February 06, 2010 - Online-Casinos.com

The Swedish online gambling software provider Net Entertainment has posted a huge increase in it's profits according to recent financial statements from the company. The surprisingly successful report stated that after taxes were paid, profits were up a full 35 percent over last year. The operational profits were posted at an even higher rate moving the firm up 37 percent. Despite the hard times experienced by many online gambling operations Net Entertainment's revenue was up a remarkable 46 percent. All this translates into a happy management that is celebrating the success and hoping the momentum can be maintained. Johan Öhman Chief Executive Officer at Net Entertainment commented 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," Öhman explained to the press, "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.” Mr. Öhman continued with his upbeat address, “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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