NetEnt Announces Penn Partnership

Last month, CasinoTrust announced that NetEnt games were finally live in Canada! Perfect timing too, with some of their most anticipated titles being launched this year. Including the famous Jumanji slot. Jumanji slot is based on the hilarious 2018 hit movie starring Dwayne Johnson, better known as The Rock.

The Jumanji slot took in huge revenues for NetEnt and was one of the key reasons the company did so well in Q3. (This was also the first full fiscal period in which Therese Hillman acted as CEO ). Needless to say, the company seems to be thriving at the moment. Especially, since NetEnt’s share prices went up almost 15% near the end of October. NetEnt also experienced a 10% rise in its revenues, adding up to around $49 million. Not to mention that the company also reported an 11% increase in operating profits. Profits rose to more than $19 million for the three months ended in September 2018.

And a few weeks after entering into the Canadian Market, the Swedish iGaming company made another move. NetEnt announced a partnership with US casino giant Penn – North America’s Largest Regional Gaming Operator. This would be NetEnt’s first-ever partner in the US state of Pennsylvania.

In October, NetEnt confirmed that had it sent an application to the Pennsylvania Gaming Control Board (or PGCB). It stated that NetEnt wished to supply online slots and table games to local operators.

NetEnt signing their first ever customer for the soon-to-go-live Pennsylvanian market is a big win. It is highly reflective of their growth. The Penn deal also marks NetEnt as being amongst the first gaming providers to enter the North American Market.

According to Erik Nyman, (Managing Director of NetEnt Americas), the deal comes as a crucial step in its North American growth plans.

As it stands, we now know that NetEnt’s games will be available on the Penn Interactive Hollywood Casino website. American’s will be able to play NetEnt games as soon as the market goes live.

This exciting piece of news is not the only thing that’s helping NentEnt infiltrate the North American market. NetEnt has also started to offer its titles on Hard Rock ‘s brand new online casino in New Jersey.

Future plans so far include new games, acquiring new clients, and new regions. NetEnt’s CEO will also focus on other areas of improvement. Reflecting on the positive Q3 results, Hillman also outlined that:

“We continue to make efforts to lower overhead costs and to optimise the organisation for commercial drive and increased pace of output, and I see room for improvement next year in several areas,” she said. “Our net cash position provides us with financial flexibility and allows for continued solid cash returns to shareholders.”

Analysts Cautious Over Company’s Positive Results

Whilst the positive results are a cause for celebration for obvious reasons, analysts are nonetheless regarding the company’s growth with caution. Noting, that growth in key areas like the UK and the Nordics has slowed down considerably. Sweden, in particular, is one area that is of concern especially since it will be launching its re-regulated industry the coming January.