Year Of Growth Reported By Net Entertainment - 02-22-09

February 22 - Net Entertainment AB, a Swedish developer of online gambling software, has published its interim management reports from Q4 2008. The company showed a 71 percent increase in revenues to $7.45 million.

For the period October to December, the Stockholm company, winner of numerous awards for its innovative software, reported an operating profit of $3.69 million which is more than double the $1.84 million for the same period in 2007.

According to the company, operating margin increased to 49.1 percent from 41.9 percent. More significantly, profits were up by a massive 96 percent to $3.28 million from $1.67 million.

Net Entertainment has continued to sign up more operators to its software platforms, with four new clients joining their licensing scheme during the quarter. They also signed two deals for the new CasinoCafe product, which is software used to set up and manage a local casino that can be managed over a broadband network.

Full year results saw an increase in revenues of 56 percent to $24.78 million, with operating profits up by 74 percent to $10.63 million. Profit was up 74 percent to $9.69 million. Net Entertainment signed up 20 new customers for its CasinoModule product during the year.

"2008 was a record year for Net Entertainment," said Johan Ohman, President and Chief Executive Officer for Net Entertainment.

"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' accreditation by independent watchdog and standards body eCOGRA added significant credibility to the company. 

Please visit our Net Entertainment Casinos page. (No US real money players accepted.)

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