NetEnt in online gambling content deal with Penn National Gaming

Swedish online gambling games and software developer NetEnt announced Thursday that it has signed a content agreement with Penn Online Entertainment, LLC, a subsidiary of Penn National Gaming’s Penn Interactive Ventures, for the new regulated online casino market in Pennsylvania (USA).

NetEnt is preparing for the new regulated market in Pennsylvania and has entered into an agreement to deliver its online casino games to operators in the US state.

“This deal marks NetEnt’s first customer signing for Pennsylvania and is an important step in our growth strategy in North America, said Erik Nyman, managing director NetEnt Americas LLC.

“We are pleased to offer NetEnt’s portfolio of online games to our HollywoodCasino.com customers and look forward to partnering with NetEnt to launch online gaming in Pennsylvania” Chris Sheffield, managing director of Penn Interactive Ventures and Sr. Vice President of Penn National Gaming added.

The Swedish giant has additionally posted its Q3-2018 numbers and YTD January-end September results, highlighting:

* Revenues for the third quarter up 10 percent atg SEK 449 (405) million;

* EBITDA of SEK 227 (195) million, a margin of 50.6 (48.1) percent;

* Operating profit (EBIT) up 11 percent at SEK 172 (155) million, a margin of 38.3 (38.3) percent;

* Profit after tax of SEK 155 (142) million;

* Nine (8) new customer agreements signed, and 14 (10) new customers’ casinos launched;

* Games launched with British Columbia Lottery Corporation in Canada and Norsk Tipping in Norway;

* Beta launch of NetEnt’s affiliate business;

* First customer launched on regulated market in Lithuania;

* Games launched with Hard Rock in New Jersey;

For the first nine months of 2018 ending September 2018, the company reported:

* Revenues of SEK 1,317 (1,211) million;

* EBITDA of SEK 612 (545) million, a margin of 46.5 (45.0) percent;

* Operating profit (EBIT) of SEK 455 (429) million, a margin of 34.6 (35.4) percent;

* Profit after tax of SEK 441 (393) million;

* 23 (29) new customer agreements signed, and 29 (24) new customers’ casinos launched.

NetEnt CEO Therese Hillman reported:

“The third quarter was marked by a strong start thanks to the successful release of the game Jumanji. We continue to make efforts to lower overhead costs and to optimize the organization for commercial drive and increased pace of output, and I see room for improvement next year in several areas. Our net cash position provides us with financial flexibility and allows for continued solid cash returns to shareholders.”

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