Mobile gaming software developer Nektan Gaming has released their third quarter financial results, noting a large increase in cash bets performed, cash deposits, and number of new players.
Key financial highlights for the third quarter ending March 31st, 2016 were:
- Total cash bets performed by players/turnover growth of 87% in Q3 to £56.21 million;
- Total player cash deposits growth of 76% in Q3 to £3.78 million;
- Total number of first-time depositors increased 42% in Q3 to 15,628;
- Signed 11 new partners in the period;
- Increased capacity to launch new partners on the Evolve gaming platform from 4 a month to 6-7 a month;
- The Group announced in March 2016 a new fundraising totalling £2.93 million that puts in place additional working capital to support the strong growth being delivered in Europe.
Commenting on his company's performance Nektan Interim CEO Gary Shaw said, "We are delivering significant growth and seeing strong momentum building across all key performance indicators in Europe, whilst we continue to make good progress on further reducing the cost base of the business. We remain confident on the outlook for the full year."
"We were also extremely pleased that our US joint venture, Respin, won the Best Innovation in iGaming North America 2016 award versus stiff competition with industry judges commenting that the product was 'ideal for millennial users that are comfortable with multi-tasking with their devices while on property which is key for future growth.'"
Nektan is a Gibraltar based betting software developer with offices also in London and Las Vegas. The company is publicly traded on the London Stock Exchange, and is known for providing a diverse mobile betting platform, which has grown in popularity recently as punters take to their smartphones and tablets to participate in casino games.