Nektan, the international gaming technology platform and services provider, has announced another record quarter for the second three months of the financial year ending 30 June 2019 (Q2 FY19). The firm has reported total gaming revenue ahead by 28.4 per cent to £8.6m in the period, up from £6.7m in Q1 FY19 (up 83 per cent on Q2 FY18). In Q2 FY19 Nektan’s technology generated over £222.5m in cash wagers, up from £182.4m in Q1 FY19, representing an increase of £40.1m (22 per cent growth).
That growth, said the company, was driven by a significant increase in the number of unique players on its B2B platform, helped by four new partners going live. Premium gaming content was added across both B2C and B2B divisions during the period, which also saw additional partners signed up across both B2C and B2B divisions, including BetVictor in B2B.
Nektan used the Q2 announcement to offer an update on US activity through its subsidiary Respin which, it noted, continues to make commercial headway in US Class II and Class III markets for mobile ‘on premise’ gaming. During the quarter, it signed an agreement to launch Respin’s on premise digital gaming platform and games with another California based tribal casino, and expects to go live with real money gaming offered on mobile and smart table devices in February 2019.
Respin also secured agreements with Leap Virtual Sports and with Grand Vision Gaming (owned by Century Gaming Technologies), the supplier of Keno content in North America, to offer its content via Respin’s mobile platform for Class II and Class III gaming.
The firm also announced that it is in advanced discussions to sell 57.5 per cent of the issued share capital of Respin to a third party for total cash consideration of £2m as well as the provision of £300,000 in working capital to Respin by the investing entity. If concluded, this will reduce the cash burden on the wider group. These developments remain ongoing but are expected to be concluded before the end of Q3 FY19 it confirmed.
