Nektan to Appoint Administrator Among Financial Woes

This story was published more than 4 years ago.

Gaming software group Nektan is bringing in an administrator as the company has run out of cash. Shareholders have watched their investment in the company decline 99% over the past five years.

The administration process is being undertaken in Gibraltar and Nektan has been forced to temporarily suspend trading of their shares on the London Stock Exchange. Back in June 2015 shares in the company traded at £175 each. Those same shares were now worth £0.85 each at the suspension of trading. Nektan has failed to secure funding to provide capital, likely due to poor business habits. Most of Nektan's clients are white label casinos that offer poor bonus terms, tiny withdrawal limits, and slow payouts to customers and are known as being less-than-ideal spots to play.

In their most recent annual report, Nektan reported a loss of £6.4 million before taxes. The company has been working to reduce losses, but it appears that their moves may not be enough for the long-term health of the company.

We're keeping an eye on this story and will be updating readers as the process plays out.

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About the author

Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.
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CL-Ed's picture
Location: Sydney
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22 April 2020 - 1:13am

Nektan's innovative new business model:

1. Launch a mediocre white label casino platform.
2. Sell yourself to naive affiliates who pay you to run a load of crappy penny-pinching white label casinos with some of the worst bonus terms, lowest withdrawal limits, and slowest payments ever seen in a regulated market.
3. Watch your share price decline more than 99% to almost zero in a few years as customers run for the hills.
4. ? ? ?
5. Profit!

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barbadosslim93's picture
Location: Michigan
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22 April 2020 - 1:42pm

I wonder if they're just waiting to get bailed out by being absorbed by a larger company like Playtech or Microgaming at this point.