NetEnt Continues to Rise in Q1 2020

NetEnt Continues to Rise in Q1 2020

Staff Writer
April 27, 2020
1143

It’s April and it’s time for interim reports for the period between January and March. Evolution Gaming revealed its results last week, showing a positive 45% increase to €115 million.

In the first quarter of 2020, NetEnt hit some significant milestones. Let’s run through the complete report.

Steady Growth

The Swedish iGaming company reported a 23.9% year-on-year rise in revenue during the first quarter of 2020. Concluding with 31st March 2020, NetEnt declared revenue of SEK 518.0 million ($51,403,450). In the corresponding period last year, the numbers were SEK 418 million ($41.480.004).

It is slots who were responsible for the growth. Namely, 90% of the increase is due to NetEnt’s slot machines, especially the new ones. In the period of three months, NetEnt unveiled a number of remarkable releases. Just some of them encompass Ocean’s Treasure, Hell’s Kitchen and Serengeti Kings.

On the other hand, table games are liable for the remaining 10%.

In the meantime, the UK, which is NetEnt’s biggest market, contributed 19% to total revenue.

Adapting to New Circumstances

Therese Hillman, Group CEO, commented on the reports.

“The pandemic outbreak of covid-19 has put the world in an exceptional situation, leaving nobody unaffected. The health and safety of our employees has the highest priority in the NetEnt Group.”

NetEnt continues to work hard to ensure a “good development”. For the time being, it is perplexing to try and foresee what the current situation will bring about.

Here’s what else Hilman had to say.

To further strengthen competitiveness and increase efficiency, we initiated a full integration with Red Tiger during the quarter. Red Tiger keeps performing above our expectations with its award-winning games and the expansion to new markets continues. 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.”

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