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Mobile gambling and the UK gambling market contributed significantly to NetEnt's growth in the first half of 2017. The Swedish based software group said that it had seen double digit growth in the first six months of the year.
Revenues for 2017 H1 grew by 15% to $95 million or SEK 805 million.
Mobile gambling accounted for more than half of the group's revenues in June, 2017, while the United Kingdom and Italy contributed the most to NetEnt's growth from April to June.
Between January and June 2017, NetEnt signed on 21 new customers, while 14 new customers launched their casinos.
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NetEnt Trading Update Highlights
Other interesting facts stated in the NetEnt trade update were as follows:
- Operating profit grew by 12% to SEK 281 million.
- Profit after tax for the group grew 10% to SEK 258 million.
- NetEnt obtained a supplier license in British Columbia.
- Games were launched on the regulated Serbian gambling market.
- More employees were hired.
CEO Discusses Future of NetEnt
According to the CEO of NetEnt, Per Eriksson, the future outlook for NetEnt remains very bright. He said that for the remainder of 2017, NetEnt saw conditions for solid growth supported by new games, increasing market shares in the UK, mobile growth, many new customers to launch and expansion in the North American market.
Regarding the UK gambling market, Eriksson said that, as the company's largest market, "we continue to see great potential for market share gains in the coming years as we are working even harder to expand in this market."
He said that growth in Sweden was relatively slower, although greater efforts were being made to enter more regulated markets and integrate a large number of new customers.