Nordic Leisure records profit after revenue rise
Operator formerly known as Redbet records profits after tax of 2.7m in first quarter since rebrand.
Nordic Leisure, the Malta-licensed operator previously known as Redbet Holding, recorded a profit in its first full quarter since undergoing the name-change.
The 2.7m in profits after tax follow a 17.1% year-on-year revenue increase from 21m to 24.6m and a 17.1% rise in player deposits to 95.9m for the three months ended 30 September. In the corresponding quarter in 2011 the operator – which owns brands including Redbet and Optibet – posted pre-tax losses of 1.6m.
Revenues for the nine months to 30 September stand at 73.6m, an increase of 37.1% year-on-year, while gross profit for the first three quarters of 2012 is up 42.6% compared to the corresponding period last year.
Nordic Leisure completed its rebranding in September after initially committing to the process at May’s annual general meeting, and in the intervening period has agreed casino deals with suppliers NYX Gaming Group and Betsoft Gaming.
Chief executive Claes Hallén said at the time of the rebrand: We have long noted that the world equated parent Redbet Holding AB and the operations conducted within Redbet.com.
“In order to highlight that our company group business stands on several legs, which are conducted under several different brand names, the Board decided in the spring of 2012 to propose to the Annual General Meeting in May 2012 a change of company name to Nordic Leisure AB.” he added.
Its poker offering currently sits on the IGT Poker network, however a contract has been agreed with Ongame to move to the Amaya-owned network in December ahead of the shutdown of its current home. The migration covers the Redbet Poker brand, as Nordic Leisure’s HeyPoker and WhiteBet skins already sit on Ongame.
Hallén, who joined the operator earlier this year, said of the results: “The company’s focus remains on organic growth and operating results in increased intake. I want to say a big thank you to those employees in the corporate group and can contentedly say that I welcome the group’s foundations for increased competitiveness in the future”