Joined: 4/2/2016(UTC)
Posts: 2,364
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NetEnt's Interim Report from January 2020 - September 2020Quote:Quote from Therese Hillman, Group CEO, “During the quarter we continued to invest in our strategic growth areas USA, Red Tiger and Live Casino, while driving cost and revenue synergies from the ongoing integration between NetEnt and Red Tiger. Underlying EBITDA amounted to SEK 313 (221) million, corresponding to a record margin of 60% (50%). Given our new lower cost base, the operating leverage of our business and our strong product pipeline, we expect continued strong growth in earnings and cash flow for the rest of the year and beyond.” Important events in the third quarter:Integration with Red Tiger GamingContracts signed with operators for US markets 16 new slot games released: 5 from NetEnt and 11 from Red Tiger Gaming Quote:Comments by Therese Hillman, Group CEO: "Revenues for the third quarter of the year amounted to SEK 521 (443) million. On a proforma basis, including Red Tiger fully in the previous year’s figures, the Group’s total revenues increased organically by 9% Y/Y in euro compared to the same period in 2019. The return of sports betting and the general easing of lockdowns in key markets resulted in a normalization of revenue growth to pre Covid-19 levels. Our continued focus on costs started to have a notably positive effect on profitability in the quarter. Underlying earnings before interest, tax, depreciation and amortization (EBITDA) amounted to SEK 313 (221) million, corresponding to a record margin of 60% (50%).
Gross gaming revenues (GGR) from the US market increased by 313% Y/Y and accounted for more than 10% of total Group GGR in the quarter. We remain very excited about the US opportunity and have continued to expand our footprint by signing important customer deals."
Plans for Q4:
*Market entry in West Virginia in October as the first third-party supplier
*Expected early entry in Michigan when the market opens
*Launching Red Tiger’s games in Pennsylvania under NetEnt’s license. Go-live is expected in November
*Red Tiger’s games are now available through NetEnt’s platform at Veikkaus, further expanding Red Tiger’s reach into regulated markets and Tier 1 customers
*Launch in December of Roulette Max, an innovative high-volatility game version for Live Casino
*Further expansion of our Live studio in Malta (Source: NetEnt)
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