NetEnt says game-win down after Sweden regulated market launch

Online casino technology supplier NetEnt posted modest 2018 financial gains despite some negative activity in its fourth quarter.

The Stockholm-listed NetEnt released its Q4 and FY18 fiscal report card on Tuesday, which showed revenue rising 9.5% to SEK465m (US$50.2m) in the three months ending December 31, 2018. Earnings gained 5% to SEK204m, but operating profit slipped nearly 6% to SEK146m and after-tax profits fell 11.6% to SEK137m.

The final quarter of 2018 saw NetEnt announce a global restructuring that included 55 staff redundancies and the write-down of a virtual reality project. But NetEnt also inked new customer contracts with Sweden’s Svenska Spel and ATG, Finland’s Veikkaus, a live casino deal with UK bookmaker William Hill, plus US intrastate deals with Churchill Downs Inc. (New Jersey) and Penn National Gaming (Pennsylvania).

For 2018 as a whole, revenue was up 9% to SEK1.78b, earnings improved 10.2% to SEK816m, operating profit edged up 3.2% to SEK601m and after-tax profits rose 5.4% to SEK577m. The year closed with 31 new customer agreements and the launch of 38 new customers’ casinos.

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