10.042018Nektan Q3 Revenue Growth
Despite experiencing a decline in the number of new depositors, white label gaming service and software provider Nektan has posted a 44.8 percent revenue increase in the 3rd quarter of its financial year 2017-2018.
January-March 2018 Revenue Growth
In its regulatory filing, the Gibraltar-based firm reported that its revenue during the months of January, February, and March had increased to $7.2 million from a restated figure of $4.94 million in the same period last fiscal year.
Meanwhile, cash betting has gone up 43.8 percent to $200.78 million from $139.59 million in the same period last year.
Interim Chief Executive Statement
Gary Shaw, Nektan Interim Chief Executive, said the developer’s success in its Q3 lay in its growing operational and commercial strength throughout international markets.
“The significant growth in net gaming income and cash betting from European white label firm represents continuing development momentum,” he said in a statement. He continued to state that, “This growth, as well as launching into new markets, portrays Nektan’s strength of technical and management abilities.”
The firm managed to manage the negative effect of the declining number of new depositors, which decreased by 5.4 percent just over 36,000 in 3rd quarters from a high of over 38,000 during the same period last year.
Shaw attributed the decrease in the number of new depositors to the company’s “continued focus on the quality of the casino players and spend.”
New Sites Launched
During the 3rd quarter, the developer launched 18 new websites and 5 new partners to bring the firm’s total brands to 111 sites and 49 partners.
The firm hopes to launch at least 20 new websites from both the new and existing partners throughout the next quarter ending 30th June 2018.
The company’s B2B segment recorded revenue increase to $124,080 during the 3rd quarter compared to $66,270 in quarter 2.
116 Swedish Gambling Licenses Issued: More on the Way13.03 2019
888 Holdings Acquires BetBright Sports Betting Platform05.03 2019
New Gambling Trade Body Could be in the Works27.02 2019