NetEnt Experiences Rapid Growth in the Global Market
Sweden's NetEnt, which makes online slot machines and roulette games, wants to increase its share of the global market to 30 percent despite doubts about whether it can sustain its rapid growth and an uncertain U.S. regulatory landscape.
Recently NetEnt won an appeal with the Swedish Administrative Court of Appeal, reversing an earlier ruling. In relation to the dispute, NetEnt will be compensated in the amount of 1.8 MSEK for legal costs. Aside from this, however, the Company’s reported financial position or earnings will not be impacted by the ruling, according to the Business Wire report. The Company and its legal advisors have insisted that NetEnt has complied with laws that apply for taxation of its operations.
The Swedish firm has recently signed contracts with casino operators in the United States, Britain and Spain to produce online games ranging from blackjack to poker. Earnings rose more than 50 percent last year and the share price doubled to give a market value of around $2 billion.
With the global industry expanding about 10 percent annually, some analysts ask whether NetEnt can keep up its rapid rate of growth after revenues jumped by a third last year.
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