Online Casino Developer Reports Profit Rise
By staff
Online gambling software developer Net Entertainment has released third quarter figures this week showing a net increase in sales of 36 percent, after-tax profits up 73 percent and the addition of five new Casino Module licensees.

The company stated that net sales reached $5.09 million, up on the $3.74 million achieved for the same 2006 period. After-tax returns were revealed as $1.53 million, up from the $887,085 achieved in 2006’s third quarter with net profit margin also up at 33.5 percent from 26.6 percent.

The turnkey provider stated that net sales for the first three quarters increased 39 percent to $15.05 million from last year’s $10.82 million with its after-tax profit growing by 75 percent to $5.05 million from 2006’s $2.88 million.

'During the third quarter, our sales increased nine percent compared to the previous quarter,' said Johan Ohman, Chief Executive Officer for Net Entertainment.

'The growth is driven by a strong product that is well received by the end user, combined with favourable external factors such as a relatively early autumn, which has positively affected gaming activity.”

Ohman stated that 13 new licensing agreements had been signed in 2007 including five during the third quarter.

'The market for online gaming is constantly changing, which is accentuated by the rise of new market and player segments that will contribute to the industry's continued growth,' continued Ohman.

'Net Entertainment's active, continuous product development ensures that our products meet changes in demand. This will not only further increase our competitive strength and the profitability of our licensees but also increase demand for Net Entertainment's products.'

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