Tag Archive : NetEnt

NetEnt, ReelPlay Announce Intellectual Property Alliance

Casino game developers and providers NetEnt and ReelPlay today announced that they have teamed up to strengthen their rights associated with their respective franchises InfiniReels and Infinity Reels.

Under the terms of the two companies’ recent alliance, NetEnt and ReelPlay are set to work together to jointly extend and protect their marks.

NetEnt is set to release its first InfiniReels game – Gods of Gold InfiniReels – on May 14. The InfiniReels mechanic is the latest innovation to be presented by the Swedish content developer. It increases the number of reels in a slots game with each win, with an infinite number of reels and win ways available within that game.

ReelPlay debuted its Infinity Reels mechanic last November. The new feature provides the chance to add an additional reel, re-spin, and multiplier with each spin.

The first Infinity Reels slot title – El Dorado Infinity Reels – hit the market in November 2019. A follow up game – Giza Infinity Reels – was rolled out earlier this month. ReelPlay’s third Infinity Reels title – Odin Infinity Reels – is scheduled for June 2020 release.

Partnership a Logical Step

Commenting on their partnership with ReelPlay, Bryan Upton, Director Games at NetEnt, said that as both companies clearly followed similar ideas independently from one another, “it made sense for us to come together to reinforce our unique propositions in a highly competitive market.”

Mr. Upton commended and thanked their partner for “their innovative approach and for working together with us in these dynamic times.”

David Johnson, Chief Commercial Officer at ReelPlay, added that they are happy to have agreed a collaboration “with an established global pioneer such as NetEnt.”

ReelPlay was founded in 2014 as Chance Interactive, but rebranded in 2019. The slots studio is based in Sydney, Australia. The company holds a license from the UK Gambling Commission to provide its content to UK-facing gambling operators and content aggregators, but its portfolio is available across multiple other markets, as well.

Swiss and Colombian Debut for NetEnt

News about NetEnt’s partnership with ReelPlay emerged shortly after the Swedish company announced that it has introduced its content in two new regulated markets.

In early April, NetEnt announced that it has obtained the global standard ISO 27001 certification that enabled it to enter the Swiss online gambling market and supply its content to locally licensed online casinos.

Last week, the major Swedish supplier announced its Colombian debut through a previous partnership with US online casino operator Rush Street Interactive. NetEnt has been supplying its content to Rush Street’s US-facing online gaming operations for a while now.

In Colombia, Rush Street is one of more than 15 locally licensed operators following the reorganization of the Latin American nation’s iGaming market several years ago.

Source: NetEnt and ReelPlay agree IP partnership

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NetEnt Q1 revenue up 24% as Red Tiger integration completed

NetEnt saw revenue of SEK 518m ($51.4m) for the first quarter of 2020, a rise of 24% year-on-year.

The supplier generated EBITDA of SEK 229m, an increase of 17% from 2019, while earnings after tax amounted to SEK 82m, down 32%.

The period saw NetEnt fully integrate Red Tiger “to realise further synergies.”

The supplier signed an agreement to acquire slot provider Red Tiger in September 2019 in an all-cash deal with an initial value of £197m ($242.9m).

As a result of changes in net-present-value calculation of the earn-out liability for Red Tiger, NetEnt’s Q1 earnings were affected by non-recurring financial costs of SEK 40m.

The period also saw Lars Johansson leave the company after being appointed CFO in December 2018.

The supplier insists its financial performance has so far not been negatively affected by the outbreak of COVID-19.

Therese Hillman, NetEnt CEO, said: “To further strengthen competitiveness and increase efficiency, we initiated a full integration with Red Tiger during the quarter.

“Combined with a strong product pipeline, new regulated market entries and the live casino opportunity for NetEnt, this puts us in a good position to continue delivering profitable growth in 2020.”

NetEnt Enters Regulated Colombia with Rush Street

NetEnt has entered Colombia’s regulated online gambling market in a move that marks the latest milestone achieved by the Swedish iGaming content provider as part of its strategy to continuously expand its regulated foothold.

NetEnt announced today that a selection of its globally renowned table games has gone live in Colombia with Rush Street Interactive, the online gambling division of regional US casino operator Rush Street Gaming.

NetEnt and Rush Street expanded earlier this year their partnership to pave the way for the casino content supplier’s entry into the Colombian market with the operator’s RushBet.co website.

The provider will roll out content with the Colombia-facing iGaming operation in phases. The first phase included the addition of popular NetEnt-produced table games such as Blackjack and two versions of Roulette to RushBet.co’s existing offering.

The Swedish provider plans to launch a wider selection of its slots titles in Colombia through its partnership with Rush Street at a later point in 2020.

Colombia is the latest new market NetEnt has entered in recent weeks. Earlier this month, the company announced that it has been able to introduce its offering to the Swiss gambling market after it had successfully obtained the global standard ISO 27001 certification.

Confident in Games’ Success in Colombia

Of their entry in the Colombian iGaming market, Brian Kraft, VP Commercial at NetEnt Americas LLC, said today that they are excited to enter this new online casino market and that “Rush Street is a great first partner to begin this journey with.”

Mr. Kraft went on to say that Colombia’s regulated market “is growing at a fast pace” and that he is confident in the success of their games with local players.

Omar Calvo, General Manager of Rush Street Interactive Colombia, said that they are pleased to expand their partnership with NetEnt and bring the provider’s table games to their Colombian players.

Mr. Calvo went on that NetEnt’s Blackjack and Roulette titles “are already among the most popular table games on our sites in the United States” and that they are certain players in Colombia will love playing the Swedish supplier’s games.

In the US, NetEnt’s progressive jackpot slot Divine Fortune has cemented itself as one of the most popular online casino products. Last month, a player from Pennsylvania hit a $278,430.23 win on Divine Fortune after placing a $1 stake on PlaySugarHouse.com, an online casino operated namely by Rush Street Interactive.

It should also be noted that Rush Street’s Colombia expansion effort has recently been bolstered by another major content provider. The US casino operator partnered up with Greentube a few months ago to gain access to a selection of the supplier’s most popular titles and add them to its RushBet.co website.

Source: NetEnt enters the regulated market in Colombia with Rush Street Interactive

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NetEnt Expands in Switzerland Thanks to New ISO 27001 Certification

Online casino games supplier NetEnt announced that it was awarded the global standard ISO 27001 certification that would enable it to enter new regulated markets.

The first such new regulated market NetEnt entered after it obtained the ISO 27001 certification was Switzerland.

The ISO 27001 certification is awarded to companies that prove commitment to information security management. The testing and certification process covers protection of sensitive information as well as development, infrastructure, and network configuration.

Of the recently received certification, Henrik Fagerlund, Managing Director of NetEnt’s Maltese operation, said that it is “an important acknowledgment” for the company and the result of “dedicated and hard work from our team.”

Mr. Fagerlund went on to say that NetEnt prides itself “on being a reliable, trustworthy, and secure partner” to its customers and their players.

Aside from demonstrating its commitment to data security management, the ISO 27001 certification also enables the casino content supplier to enter new regulated territories and participate in World Lottery Association procurements which has not been possible before.

Swiss Expansion

Switzerland has become the first regulated territory NetEnt has debuted its content portfolio in since the company obtained its ISO 27001 certification last week.

The Swedish provider said that its casino games content is now live with the online gaming operations of Grand Casino Luzern and Grand Casino Baden.

Switzerland reorganized its iGaming market last summer, and Grand Casino Luzern and Grand Casino Baden were among the first local land-based casinos to go live with gambling websites.

The integration of NetEnt content with Grand Casino Luzern was carried out via Paf’s iGaming platform, while the integration with Grand Casino Baden took place via the Gamanza platform.

The Swedish iGaming content supplier said that it is on track to roll out its games portfolio with several other Switzerland-licensed gambling operators in the coming months.

Delivering on Growth Strategy

Commenting on their Swiss market entry, Mr. Fagerlund said that the move was part of their efforts to continue to deliver on their strategy to “grow by strengthening our position in regulated markets.”

The official added that they are pleased to have taken “this step into the Swiss market and look forward to launching our award-winning games with even more operators soon.”

The newly obtained ISO 27001 certification will also enable Red Tiger to offer NetEnt Group solutions in markets where such certification is required.

NetEnt acquired fellow gambling content provider Red Tiger last fall. The Swedish group announced last month that it initiated a restructuring to accelerate the full integration of Red Tiger with its new parent organization.

It became known that the restructuring included laying off 120 employees, mostly ones based in NetEnt’s Stockholm and Malta offices.

NetEnt said that the full integration would “strengthen competitiveness and increase value creation in the company.”

Source: NetEnt enters the regulated market in Switzerland following new global ISO 27001 certification

NetEnt enters regulated market in Switzerland following certification

After being awarded the ISO 27001 certification last week, NetEnt’s online casino games are now available with gaming operators Grand Casino Luzern and Grand Casino Baden in Switzerland.

The certification is granted to companies committed to information security management and covers everything from protecting sensitive information to development, infrastructure and network configuration. NetEnt has proven its commitment by meeting such requirements.

“The ISO 27001 certification is an important acknowledgment for us and is the result of dedicated and hard work from our team,” said Henrik Fagerlund, Managing Director of NetEnt Malta. “We pride ourselves on being a reliable, trustworthy and secure partner to customers and players.”

The certification means NetEnt can enter new regulated markets and WLA procurements that weren’t previously possible, and the supplier is also on track to go live with many other licensed Swiss operators in the months ahead.

“We continue to deliver on our strategy to grow by strengthening our position in regulated markets,” added Fagerlund. “We are very pleased to take this step into the Swiss market and look forward to launching our award-winning games with even more operators soon.”

NetEnt to Fully Integrate with Recently Acquired Red Tiger

Swedish online casino content developer NetEnt today announced that it is set to implement a full integration with fellow provider of casino games Red Tiger, which it acquired last fall in a £200 million deal.

As a result from the pending changes, the enlarged group will cut its workforce by approximately 120 employees based in NetEnt’s Stockholm and Malta offices.

The Swedish iGaming provider said in a press release published this morning on its website that the acquisition of Red Tiger exceeded management’s expectations and offers significant potential for further synergies, increased efficiency, and economies of scale.

NetEnt said that it is currently implementing a restructuring to accelerate the full integration of Red Tiger with its new parent organization.

The changes are set to result in several functions being relocated and in 120 full-time jobs, mostly in Stockholm but also in Malta, being made redundant.

Red Tiger was the first provider to have been able to add its content to NetEnt’s NetEnt Connect content aggregation platform, which the company rolled out late last year. After its soft-launch, NetEnt Connect has gone live with a number of online gambling operators, including Bethard, Greece-facing brand Stoiximan, and Germany-facing brand Betano, among others, and has added content from a number of third-party providers.

Integration, Changes in Line with Growth Strategy

NetEnt said the integration with Red Tiger and the changes the move necessitates are completely in line with the Swedish gaming group’s strategy to constantly improve every aspect of the business and thus “strengthen competitiveness and increase value creation in the company.”

The pending restructuring is estimated to generate annual cost savings of SEK150 million on a cash-flow basis starting from the second half of the year. As a result, NetEnt is raising the anticipated annual cost synergies from the Red Tiger acquisition to approximately SEK250 million from the previously announced SEK150 million per year.

Commenting on the planned full integration with Red Tiger, NetEnt CEO Therese Hillman said that the move will “unleash the full potential of our shared capabilities, create significant efficiency gains in games development and strengthen our position as the market leader in online casino.”

In separate news, NetEnt said today that the earn-out cash consideration for Red Tiger is set to be redeemed through a directed issue of new shares and cash payment.

The Swedish iGaming content developer and supplier also updated the market on the impact it expects from the unfolding coronavirus crisis that has resulted in massive closures of land-based gambling facilities around the world and in a slump in sports betting activity due to the postponement/cancellation of a number of major sporting events.

However, the iGaming industry has seen a surge in online casino activity in recent weeks as people are urged to stay home to help curb the spread of the dangerous virus.

NetEnt said that its operations have not been affected negatively by the global coronavirus crisis and that quarterly revenues have so far been in line with expectations.

NetEnt to fully integrate Red Tiger after acquisition exceeds expectations

NetEnt has announced it is fully integrating the Red Tiger brand into its business, to increase efficiency and strengthen development.

The supplier acquired slots developer Red Tiger in September 2019 in an all-cash deal with an initial value of £197m ($226.9m).

With NetEnt stating the acquisition has exceeded expectations, a restructuring will speed up full integration and increase efficiency, saving a significant amount, but will mean 120 full-time roles will be cut from offices in Stockholm and Malta.

NetEnt estimates restructuring will result in annual savings of around SEK 150m ($13.6m) on a cash flow basis, which will begin in the second part of 2020.

Potential synergies from the acquisition should also rise to around SEK 250m annually, up from SEK 150m.

Cost of the full implementation will amount to approximately SEK 25m; this will have an impact on operating profit for Q1 2020.

Group CEO of NetEnt Therese Hillman said: “We are now entering the next phase of the integration with Red Tiger, whose sellers are also becoming shareholders of NetEnt.

“The integration will unleash the full potential of our shared capabilities, crease significant efficiency gains in games development and strengthen our position as the market leader in online casino.”

Gavin Hamilton becomes NetEnt Group COO

Gavin Hamilton, CEO of Red Tiger Gaming, has become the COO of NetEnt Group to focus on bringing product and commercial business units from both companies into one organisation.

The move will allow for greater collaboration and alignment on commercial priorities and the brands’ games roadmap, among other things. 

Hamilton will, in addition to the role as COO of NetEnt Group, also remain as CEO of Red Tiger.

Therese Hillman, CEO of NetEnt Group, said: “The acquisition of Red Tiger has proven to present even greater potential than we expected, and we would like to initiate a full integration sooner, rather than later.

“Having a Group COO is key for us moving towards full integration and to capitalise on all opportunities. For this role I can think of no one better than Gavin.”

Hamilton said: “I am extremely excited to take on this role. Our success in the coming years will be determined by the decisions we make now on how we most effectively leverage our scale, people and technology. 

“Closer collaboration will allow us to address the issues we face in increasing regulation and taxes in our core markets and will position us more effectively to take advantage of growth in new markets.”