Posted in Industry November 26, 2018
Strong Financial Reports for Q3 From Betting Giants
The online gambling industry is on track to finish the fiscal year on a positive note thanks to a strong showing from the top gambling firms this Quarter 3. Based on the released revenues and financial returns, NetEnt, Betsson, and Evolution Gaming have managed to meet and even exceed expected industry expectations. Although NetEnt posted ‘sluggish revenues’, Betsson and Evolution Gaming led the gambling sector this Q3 to record earnings thus setting the tone for a much bigger Q4.
Game Launches Helped Boost NetEnt’s Revenues by 11%
For the third quarter of the year, NetEnt managed to grow its revenue to SEK449.3m (€43.2m) or an 11% growth. The figures are based on the company’s interim report ending September 30. This is considered by many as a sound improvement from the Swedish company and was seen many as powered by innovative game releases and collaborations, and movements within the company. According to industry insiders, the growth in revenue for the company is partly driven by the release of new gaming titles like Swipe & Roll, Mirror Mirror, Berry Burst, and Double Stacks. This is also backed by the launch of games by its high-profile clients like Hard Rock in New Jersey, Norsk Tipping, and the British Lottery Corporation. This was also the time when Lars Johansson was appointed as acting CFO for NetEnt.
The report suggests that the bulk of its revenues was sourced from its portfolio of games like slots contributing 91.6% to the total, with table games adding 8%. In terms of platforms, mobile is its most lucrative channel, contributing 61% to the pie, which is a substantial improvement from 51.9% compared to the same quarter last year.
Evolution Gaming Continues March to Profitability in Q3
Evolution Gaming, the Stockholm-based live dealer games supplier, continues its record with a reported 41% increase in revenues for the third quarter of the year with €64.3m. According to the published reports by the company, the EBITDA increased by 28%, with a margin of 43.5%. Also, the profit for this period amount to €21.2 million, making the company profitable for its stakeholders. According to the company, the increase in revenues is due to its commissions and income from existing customers and clients that launched their own dedicated cables.
With this promising revenues, Evolution Gaming is looking ahead. According to Evolution Gaming chief executive Martin Carlesund, the company is planning to expand its presence in Malta. If the plan pushes through, the company will establish another studio as a way to support its growing business.
Betsson Reports 21% Increase in Revenues, Looks to Improve its Performance
Betsson, a company listed in Stockholm, is another gaming company that managed to perform decently in the last quarter. According to its published report, Betsson reported a third-quarter revenue of SEK1,426.8m (approx. €137.8m). The report also explained that all regions contributed to the growth of the company, with Western Europe and the Nordic region contributing the biggest in its revenues this quarter. Also, the sportsbook revenue also increased by 23%, with a margin of 7.4%, which is significantly higher than the reported income last year. Its casino segment also increased by 22%.
This is the third quarter where the company showed great promise and backs up the promising first half of the year. The second and third quarter of 2018 was particularly rosy for the company thanks to the activities surrounding the FIFA World Cup. Based on their recent filings, Betsson expects that it will also record positive revenues in the last quarter of the year.
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