Swedish online gambling software provider Net Entertainment AB has announced its interim earnings report for the fourth quarter of 2008 showing a 71 percent increase in revenues to $7.45 million.
From October to December, the Stockholm-based firm behind the CasinoModule online games and management system revealed that operating profits doubled to $3.69 million from the $1.84 million it made during the fourth quarter of 2007.
It reported that its operating margin increased to 49.1 percent from 41.9 percent while profits for the period increased by 96 percent to $3.28 million from $1.67 million.
Net Entertainment announced that it signed four agreements for its CasinoModule solution over the fourth quarter of last year. This is in addition to the two deals it agreed last month for its CasinoCafe, which is software that allows an operator to establish a local casino operation using standard PCs from a central location with broadband access.
For the full year, Net Entertainment reported that revenues increased by 56 percent to $24.78 million while its operating profits rose 74 percent to $10.63 million. Profits for the year increased by 74 percent to $9.69 million, helped by 20 CasinoModule license agreements with operators such as Victor
Chandler, King.com and Bet-At-Home.
“2008 was a record year for Net Entertainment,” said Johan Ohman, President and Chief Executive Officer for Net Entertainnment.
“Our customers and shareholders can be pleased with our strong growth and it shows no signs of slowing down. December was our best month ever with regards to revenues. Our key CasinoModule and CasinoCafe products are continuing to sell well. They were improved during the year and are very well regarded by gaming operators around the world.
“Net Entertainment is entering 2009 with a product portfolio and customer base that is stronger than ever. And Net Entertainment’s accreditation from industry organisation ECOGRA in 2008 is a quality and credibility stamp that will drive continued new sales.