Net Entertainment Enters Italy via Microgame Deal30th October 2009 9:53 am GMT
Online casino developer Net Entertainment AB has seen its shares rally this morning on news of its entry into the lucrative Italian gaming market, following the signing of a license agreement with Italy's largest remote gaming provider, Microgame.
Microgame will have access to an extensive range of Net Entertainment casino content which will complement its existing product portfolio.
The deal represents Net Entertainment's eighth new licence agreement for its CasinoModule product this year.
"We are very happy to join Net Entertainment to our exciting gaming project for the new emerging Italian casino games market," said Fabrizio D'Aloia, CEO of Microgame.
"The worldwide recognized Net Entertainment's expertise in the casino games development and marketing will be strategic for Microgame to maintain the leadership on the Italian online gaming market".
Founded in 1996, Microgame is Italy's largest independent remote gaming service provider with currently a 25% market share in poker and 28% in sports betting, generating over €85 million in revenues last year.
"Gambling is huge in Italy and is expected to generate a gross gaming yield exceeding €17 billion in 2009 making it the countries third largest industry," said Johan Öhman, CEO of Net Entertainment.
"In light of this it is obviously extra encouraging that one of the dominant incumbents selects Net Entertainment as their strategic casino partner thereby giving us a substantial footprint in a totally new market."
Shares in Net Entertainment AB (Co. Profile) (NASDAQ OMX:NETB) have gained 9.84% to SEK67.00 per share in Stockholm this morning.