SlotsOnlineCanada Home PageNewsWith Rising Q3 Profits, NetEnt Reveals Plans To Enter Canadian Online Gambling Market

With Rising Q3 Profits, NetEnt Reveals Plans to Enter Canadian Online Gambling Market

  • Published date28 October 2016

NetEnt, the online game designer based in Sweden, has revealed that in the third quarter, the company’s profits increased by one-fifth. It stated that its Q3 profits would have been higher had it not be for a weak Sterling Pound that reduced its revenues by three per cent.

For the quarter ending September 30, NetEnt has registered a revenue of SEK357 million, which is a 27.7 per cent increase compared to the second quarter.

NetEnt’s operating profit for the third quarter was SEK129 million, which is a 23 per cent increase, while its profit after tax increased by 22.2 per cent, rising to SEK119 million. The company also revealed that its operating margin stood at an amazing 36.2 per cent.

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The company has witnessed an increase in revenues from mobile gambling. The revenues rose 83 per cent year-on-year. Mobile gaming revenues accounted for 40 per cent of NetEnt’s third quarter revenues.

NetEnt revenue for the first nine months of 2016 increased to SEK1.05 billion. Its operating profit for the same period stood at SEK380 million, while profits increased to SEK354.5 million.

NetEnt had a lot to cheer about in their third quarter of 2016. It finalized and signed 11 new agreements with customers and will be launching new online casinos for eight customers. The company will be launching Rank Group’s new online casino along with several other casinos in Romania, which is a new market for NetEnt. The third quarter also saw NetEnt launching its mobile live casino.

NetEnt also pointed out how it was protecting itself against the online grey market in Canada. In spring, a few of the company’s licensees informed customers based in Canada that they will be unable to access products by NetEnt. In October, this blanket ban extended to all Canadian licensees. There is a reason behind this.

Per Eriksson, CEO of NetEnt stated that the company would be applying for a license in the fourth quarter to operate in British Columbia. Should this come to pass quickly, in 2017, players on PlayNow.com will be able to enjoy slot games by NetEnt.