It’s all smiles in the NetEnt office this week as it reported revenue topping SEK 518m ($51.4m) for Q1 of 2020, which is a year-on-year rise of 24%. The popular games supplier generated earnings before interest, taxes, depreciation and amortisation (EBITDA) of SEK 229m, which is a 17% increase from last year, although, after taxes, the company’s earnings were SEK 82m – a fall of 32%.
Red Tiger fully integrated
In September 2019, NetEnt announced that it had signed an agreement to acquire the fast-growing online slots provider Red Tiger Gaming. The all-cash deal cost NetEnt close to £200m ($242m). However, with Red Tiger Gaming now fully integrated, the company will be able to further synergise its business moving forward.
A further development within the first quarter of 2020 was the departure of Lars Johansson, who had held the position of NetEnt CFO since December 2018. Also, NetEnt has stated that its financial performance has not, as yet, been negatively impacted by the global coronavirus pandemic.
NetEnt CEO, Therese Hillam, said, “To further strengthen competitiveness and increase efficiency, we initiated a full integration with Red Tiger during the quarter. Combined with a strong product pipeline, new regulated market entries and the live casino opportunity for NetEnt, this puts us in a good position to continue delivering profitable growth in 2020.”
Net Entertainment – simply known as NetEnt – was established in 1996. Today, it is one of the leading suppliers of digital casino games and live dealer casino solutions. In 2019, NetEnt handled more than 58.30 billion gaming transactions, which definitely puts this company among the industry’s elite.
It has a portfolio of more than 220 RNG games. These include some of the most well-known video slots ever developed, such as Starburst, Mega Fortune, Gonzo’s Quest, and Guns N Roses. In addition to slots, NetEnt has garnered a reputation for producing exceptional quality table games, with its Professional Series highly-acclaimed by players and industry experts.
Another impressive vertical for this provider is its live dealer casino solution, which operates under the NetEnt Live label. It offers several variants of roulette and blackjack, as well as a few casino poker games. NetEnt Live has proven to be extremely popular with high-stakes players, as it offers betting limits few other providers can match.
Being one of the leading names in the industry, it comes as little surprise that NetEnt’s software can be found at nearly all of the top UK casinos, including Mr Green and Spin Casino.