iGaming subsidiary Net Gaming Europe recorded a 24% year-on-year decrease in income over the second half of the year, blaming more stringent laws for its difficulties on a variety of European economies. Revenue for the three months up to June 30, 2019 fell to € 3.5 m (£ 3.2m/$3.9 m), with the decrease partly balanced by the BettingGuide.se location takeover. With the exception of fresh purchases, income declined for their home products from the previous year by 27 per cent.
Chief Executive Marcus Teilman blamed the decrease for “political regulatory impacts” in Europe, citing the introduction of the iGaming industry in Sweden and the gambling advertising ban in Italy as important changes after the operator’s Q1 findings were published. This led to Europe’s income dropping to 69 per cent of the total group, down seven percentage points. Sweden, which accounted for 4% of income in the second quarter of 2018, saw its input fall to 2% of the complete group.
While North America accounted for 18 per cent of income— down from 19 per cent in the previous year — Net Gaming said business opportunities had resulted in important competition growth. This led in a drop in North American income of 32 per cent year-on-year. As a consequence, the share of other areas increased to 13% from 5% in Q2 2018. Partly through acquisitions and partially through organic growth, the company would aim to boost its global scope in the future, Teilmann said.
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