NetEnt has inked a landmark online casino supply partnership deal with renowned daily fantasy sports and sports betting operator DraftKings for New Jersey’s regulated online gaming market. As per the terms of the partnership agreement, the newly signed bill will aid both DraftKings and NetEnt in their bids to increase their footprints in the regulated United States online gambling space.
“We are very excited to have landed a deal with DraftKings. As the world leader in fantasy sports, with a large player base, they will add a new dimension to the market and we are confident that their players will enjoy our popular games,” Erik Nyman, the Managing Director of NetEnt Americas LLC said during the announcement of the partnership.
NetEnt is now set to launch a wide selection of its most popular online casino game titles in New Jersey through DraftKings. Residents of the state will be very happy to know that the roll-out of NetEnt’s world-class content portfolio is set to take place over the next few weeks.
In New Jersey to Stay
The news about the deal between the Swedish gaming technology developer and DraftKings came just a short while it (NetEnt) secured a permanent license from the New Jersey Division of Gaming Enforcement. The company first entered the New Jersey gambling market in August 2018 with the launch of a highly-praised sports betting offering – this was a short while after the United States Supreme Court lifted the federal ban on sports betting.
NetEnt’s digital sports betting operation has since grown to become a dominant force in New Jersey’s nee regulated gambling market. As such its partnership with DraftKings which also launched debuted an online casino of its own in the state in December can be rightfully described as nothing short of a match made in heaven.
The Swedish gaming technology developer has seen continuing growth in the United States especially in New Jersey and it is expected to grow even further in the near future. In addition to that, the company has also recently been granted a license by the Pennsylvania Gaming Control Board for the Keystone States’ soon-to-be-launched online gambling market.
NetEnt Financial Troubles
While NetEnt’s business is thriving in the United States, the situation back home is not too pleasing. The company has recently reported its financial results for the first quarter of the year and it has recorded a 3 percent decline to SEK418 million which is equivalent to $43.8 million. According to Theresa Hillman, the company’s chief executive, the domestic market “accounted for almost the entire slowdown, mainly due to lower volumes in Sweden”.
This has further been attributed to the reorganization of the Swedish market earlier this year with the new regulatory regime have unforeseen impacts on the consumers – these included a reduction in the number of customers as well as lower revenue per user hence NetEnt’s rather weak start on the reorganized online gaming market.