NetEnt awarded New Jersey licence
Swedish casino games developer NetEnt has been granted a permanent gambling license in New Jersey.
A permanent Casino Service Industry Enterprise license was issued by the New Jersey Division of Gaming Enforcement (NJDGE).
NetEnt Receives Permanent License
The permanent Casino Service Industry Enterprise license to NetEnt marks the first time this developer has secured a permanent online gaming license in the US.
“We are very pleased to obtain our first permanent online gaming license in the US,” commented Erik Nyman, Managing Director at NetEnt Americas LLC.
“We have been present in New Jersey since 2015 and have supported the regulator throughout the licensing process.”
NetEnt has been working with a number of operators in the state including 888 Holdings, Gamesys US, Stars Group, Caesars Interactive Entertainment, Golden Nugget and Resorts Casino. Receiving a permanent license will cement NetEnt’s place in the growing US market.
“The license marks yet another step in our US expansion as we hope to enter additional states if and when they regulate online casino,” Nyman added.
Through its subsidiary NetEnt Americas, NetEnt applied for a Casino Service Industry Enterprise license in New Jersey close to four years ago.
As of September 2015, NetEnt has been operating in the US country under a transactional waiver issued by NJDGE which granted them the right to supply online casino games in New Jersey while the full license application was being under review.
Improvements to Follow Revenue Growth
The approval of the license came after the revenue report earlier this month when the company’s CEO Therese Hillman demanded to see the improvements despite the reported revenue growth.
NetEnt has reported an 8.9% revenue boost and a list of 31 customers signed in the period of 12 months. Total revenue amounted to $192 million for the whole year but Hillman thought they should do better.
The company cut 55 positions at its Stockholm headquarters to keep costs under control. She also noted that several new titles didn’t perform well and that they have higher ambitions for 2019 with 35 new releases planned, with the first one being the Perfect Blackjack.
NetEnt expects upcoming game releases and re-opened the Swedish market to contribute to new revenues in 2019. The company is also closely monitoring developments in the US in the wake of the Department of Justice’s Office of Legal Counsel revising its stance on the Wire Act. Further development may postpone the launch in Pennsylvania but the strategy for US growth remains the same.
“This has created some uncertainty, but at this stage, we do not see any reason to reconsider our US growth plans, which include growing on the regulated markets in New Jersey and Pennsylvania,” Hillman said.