NEtEnt, an online casino game provider headquartered in Sweden, is looking to expand its global market share to at least 30 percent. The company specializes in slot machines and roulette games but are trying to broaden their reach, as they have incorporated Live Casino into their portfolio; which is one of their most popular and fast-growing products. In order for this small company to expand such a great amount, the NetEnt casino software company is looking towards the U.S. market to help them do that.
Starting Their Expansion in New Jersey
It has been a long road for NetEnt to enter New Jersey, as they started the process back in 2013, but they are finally starting to take advantage of their hard work. Bjorn Krantz, managing director of NetEnt North America said it best,
“We’ve been scouting around in the U.S. and North America for quite some time, attending seminars, conferences, so forth and so on, and learn what the market is about then and yeah, what is happening. And we felt that even if the New Jersey market opened up by November 2013, we felt the time was not right, but one year back we took a decision that now is the time to do something in North America, starting with the licensing process in New Jersey. NetEnt is a big company in Europe and we want to expand our footprint. We felt that North America is the right place to be.”
New Jersey and the rest of the nation is cautious when new companies, especially foreign, try to come in and doing work in its markets.
Mobile Casino Games is the Future for NetEnt
CEO of the company, Per Eriksson, believes that the future lies in reaching and expanding the mobile gaming, state lotteries, and even the digital games that are within the casinos. NetEnt’s earnings rose more than 50 percent and share price doubles to give them a value of $2 billion last year. Eriksson on why going to the United States is the next best step,
“We still have big growth potential in Europe. We have approximately a 30 percent market share and that means 70 percent to take. Then, we have the U.S. waiting for us and that is something we are looking forward to.”
U.S. Market has Countless Opportunities
NetEnt is betting that the market will loosen its gambling laws in the near future, as well as other industry giants. However, they have been able to sign with most of the major operators in New Jersey, so their next step would probably expand into other states where online casinos have been legalized, like Pennsylvania. A nation-wide initiative could come to create a market worth of $6-$8 billion, so it is worth the trouble for NetEnt.