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eGaming Society
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Cherryforetagen’s third quarter results for 2011

Cherryforetagen AB, an iGaming Swedish firm revealed a 6% increase in turnover to SEK 118.3m or $17.86 million over last year for the third quarter of 2011 in their financial results report.

NorgesAutomaten.com, DanmarksAutomaten.com, SverigeAutomaten.com and PlayCherry.com are all iGaming sites operated by Cherryforetagen who also revealed that their earnings before interest, tax, depreciation and amortisation for the third quarter decreased by just over 5% to SEK 11.3m or $1.7 million, while their earnings before interest and tax fell by almost 11% to SEK 8.8m or $1.33 million.

On a brighter side for Cherryforetagen AB, they experienced a 186% growth in the number of active players to 40,994 when compared to last year’s figure as well as a 325.7% rise in customers participating online to 31,900 over last year.

Emil Sunvisson, Cherryforetagen#s Chief Executive Officer stated that “the third quarter has brought satisfactory growth in the segment of online gaming at the same time the results were burdened by the costs of launching new products.”

“Restaurant and EventCasino delivered a strong quarter, especially considering the severely restricted opportunities to offer attractive gaming. Maritime Gaming has been affected by the economic crisis in the Euro area.

“Europe’s gaming regulations are moving towards a patchwork of different regulatory frameworks. It will make it difficult for the larger gaming operators to fully take advantage of the economy of scale, while niched small and geographically concentrated operators get better opportunities. The deregulation includes both land and Internet-based gaming.

“Denmark is showing the way by introducing a licensing system that allows private operators in a controlled and predictable environment to offer attractive gaming while protective considerations for consumers are taken into consideration and increased revenues to the public treasury are assured. From January 1, the new licensing regulations are introduced. We believe that the Danish model may set a good example for other Nordic countries but have difficulties in understanding why lotteries still need to be monopolised.”

eGaming Society is a fully comprehensive iGaming Directory and iGaming Job Board for the eGaming Society. Whether you are in the Industry, or a igaming supplier, eGaming Society is an ideal reference for the Gaming Industry.

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