Swedish gambling tech firm NetEnt has recently announced its plans to enter the Canadian regulated market after profit margins rise.
NetEnt’s profit momentum has soared to more than one-fifth in Q3. NetEnt’s latest figures have shown that the gambling tech firm’s ROI have increased in 3 months from 27.7% to SEK 357m (US $40.1m). NetEnt reports their profit margins would have performed 3% higher if the British pound hasn’t encountered a plunge.
NetEnt’s Financial Momentum Paves the Way for Canadian Entry
NetEnt’s operating profit for 3rd quarter was up 23% to SEK 129m and profit after tax gained 22.2% to SEK 119m. The company’s operating margin has resulted to an impressive 36.2%. Its mobile ROI has increased as well with 83% annual increase.
NetEnt has definitely gained financial momentum in Q3. It has signed 11 new customer agreements that have launched online casinos for 8 new customers. These customers included a number of operator partners in Romania and Rank Group. NetEnt has launched its latest innovation via its mobile live casino.
NetEnt’s operating margins have been stable at 26%. Its ROI from Q1 to Q3 have increased to closely one-third to SEK 1.05b, operating profit up nearly 36% to SEK 380m. Its profits are up 37.2% to SEK 354.5m.
NetEnt Prepares for Canadian Market
NetEnt has recently announced that several NetEnt licensees have informed Canadian customers that they won’t be able to access NetEnt products. The announcement came after NetEnt decided to minimize its activities in Canada’s online grey market.
NetEnt’s Q3 financial report has urged the company to apply for a license in the province of British Columbia in Q4. It suggests that the Swedish gambling tech firm is now embracing the regulated Canadian markets. Canadian players will now be able to access NetEnt slots soon on BCLC’s own PlayNow.com website.