Online casino supplier NetEnt has reported a 37% rise in revenue for the second quarter of 2020. 

NetEnt generated SEK 573m ($63.2m USD) in the quarter, up 37% year-on-year. Including its Red Tiger subsidiary, on a proforma basis, revenue was up 15%. EBITDA was up 49% over 2019, at SEK 299m, while earnings after tax came in at SEK 88m, down 27%. 

The company’s strong second-quarter results bring its revenue for the first half of 2020 to SEK 1.09bn – up 30% on 2019’s figures. EBITDA for the period was SEK 528m, up 33%, but earnings after tax fell by 29%. 

Q2 was busy for NetEnt, with the supplier entering regulated markets in Switzerland, Croatia, and Colombia, a record 19 new slot games released (9 from NetEnt and 10 from Red Tiger), and Evolution Gaming offering SEK 19.6bn to acquire NetEnt.

Reflecting on the results NetEnt CEO, Therese Hillman, said:

“The coronavirus pandemic continues to impact people and companies around the world. There are signs that the rapid changes in consumer behavior caused by the pandemic will further speed up the digitalization of a number of industries, including entertainment such as gaming. Just like in other online industries, the major lockdowns in some of our big markets (UK, US, Italy and Germany) led to a positive effect on revenues in April and May, followed by a more normal pattern in June as those economies gradually opened up.

“Hard work and transformational steps taken in the past year are now starting to create value. We remain fully committed to continue on this path and with growth engines such as USA, Red Tiger and Live Casino, I feel that we are well positioned to continue delivering profitable growth and strong cash flows for the rest of this year and onwards.”

AYO.NEWS says:

2020 might be the worst year in living memory for many businesses, but there’s no doubt that things are looking up for NetEnt. If the acquisition by Evolution Gaming goes ahead, we’ve no doubt the new business will be in an even stronger position to make the most of the rapidly expanding US online gaming market.

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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