Gaming tech firm Nektan has announced another record quarter for the first three months of the financial year ending 30 June 2019 and outlined its ongoing plans for the North American sports betting market.
In Q1 FY19 the company delivered record NGR and cash wagering figures during the summer months, traditionally a quieter time for gaming activity, especially one that included the World Cup.
Its strong growth in NGR has continued, growing 12.6 per cent in Q1 FY19 versus Q4 FY18 and 64.6 per cent versus Q1 FY18. Nektan launched multiple new sites and is now delivering gaming content to a record number of 143 global casino brands in Q1 FY19.
Turning to its North American business, in Q1 FY19, Nektan completed back-end integration, regulatory approval and white label customisation with a major tier-one operator for launch in-venue in Q2 FY19. Metric Gaming’s full-service race and sports betting platform has now been integrated into the Evolve platform, giving Nektan a wider product offering in the US.
Using its development team based in India, the firm has completed the development of four third-party games for launch on its Evolve platform in both the US, through its US brand Rapid Games, and in Europe.
Following the SCOTUS ruling on PASPA, the board said it is seeing significant interest in the US market and continues to review its options in the US, which include expressions of interest to invest directly into the US business unit, with the objective of reducing the cash burden on Nektan within the next two quarters.
Gary Shaw, interim CEO, said: “Q1 FY19 has been very strong and we have seen accelerating growth momentum across all business lines. We are on course to be EBITDA positive in Europe by the end of this financial year. Since becoming a public company in 2014, Nektan has seen only one quarter-on-quarter decline in revenue, which was during this usually quieter period of activity in the same period last year, so we are very encouraged to see such a positive quarter and expect this success to continue.
“We are very confident that Nektan is in an excellent position to capitalize on the solid technological foundation we have built. Our B2B division in particular is bringing a wealth of international opportunities from tier-one partners. In addition, our North America division is making progress and is due to go live shortly with a tier-one operator. We are positioned to take advantage of the opening up of the sector in the United States with a pipeline of upcoming opportunities.”