NetEnt Revenues Up By 12.3% During Third Quarter

Tia Winter | 08 November 2017

NetEnt is one of Sweden’s largest iGaming firms, and is also one of the most well-known online casino software developers in global regulated markets. Now, NetEnt has recently revealed its financial results for the quarter ended September 30, 2017, showing remarkable year-on-year growth across a number of its key product verticals.

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The Swedish gambling giant’s revenues for Q3 increased by 12.3% over those posted last year, growing to SEK401 million. Operating profits for the firm also increased by an impressive 20.5%, amounting to SEK156 million during the period in review.

Furthermore, earnings per share for NetEnt during the quarter in review came to SEK0.59, both before and after dilution. This value is up from SEK0.50, which was posted during the same quarter of 2016, showing remarkable growth for the gambling software provider on major stock markets.

NetEnt Signs 8 New Customer Agreements In Q3

The third fiscal quarter also saw the firm sign eight new agreements with major clients – both operators and other iGaming specialists that will assist NetEnt in its future growth strategies. Ten new customers’ online and mobile casinos also launched the developer’s products in Q3.

The firm also noted that the Italian and UK regulated markets contributed the most in terms of financial income and overall growth. However, these markets were closely followed by those of Denmark and Spain, the latter of which has gone from strength to strength since its recent legalisation of online gambling services.

Per Eriksson, CEO and President of NetEnt, commented that Q3 brought another solid period of growth for his firm, with revenues increasing by 12% and its operating margin improving significantly over the results of 2016. Mobile casino games and regulated markets such as those of Italy, Spain, and the UK contributed the most to the firm’s growth, Eriksson confirmed.

CEO Confident In Continued Growth This Year

Mobile games, the CEO noted, continued to be a crucial growth driver, accounting for 52% of the company’s total Q3 revenues. He also revealed that NetEnt’s systems processed 10.2 billion transactions during this quarter, showing an 18% increase over last year’s figures.

NetEnt also posted financial results for the nine months of 2017 ending in September, showing a 14.3% increase in revenues to SEK1,206 million. Operating profits grew by 15% to SEK437 million, and operating margins have grown by 36.3% so far this year.

Eriksson feels positive about the future of his firm, and noted that for the remainder of 2017, he sees the ideal conditions for solid continued growth. This growth, he concluded, will be supported by new casino games, increasing UK market shares, mobile growth, and new customers through its expansion into North America.

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