Nektan Restructures Operations, Focuses More Resources on B2B Arm
Gibraltar-headquartered provider of gambling solutions Nektan said this week that it is in advanced stages of restructuring its operations, which might include sale of its UK B2C division.
As a result from the ongoing reorganization discussions, the company informed investors that it will not be able to release its audited full-year report for the financial year ended June 30, 2019 before December 31, as required under AIM rules. Nektan was founded in 2011 and floated on AIM in late 2014.
Due to the expected delay in the publication of the company’s financial accounts, its shares will be suspended on January 2, 2020. Shares will resume trading on AIM as soon as the accounts are published. In a statement dated December 23, Nektan informed investors that it expects to be able to release its annual financial results later in January.
Licensed by Gibraltar and UK gambling regulators, Nektan provides solutions intended for both the B2B and B2C sectors of the industry. Its B2C division is represented by its white label casino technology platform Evolve. The platform delivers full casino operator experience, including back-office.
Nektan’s white label solution also includes HTML5 content from more than 15 major casino games suppliers. The content offered is localized per jurisdiction and market.
Through its E-Lite B2B content aggregation platform, Nektan provides operators and their players with access to hundreds of titles from leading casino content suppliers. The platform also offers promotional tools such as free spins, bonus wallets, and APIs.
Strong Interest from Potential Partners
Nektan said this week that it international B2B and B2C divisions continue to experience strong interest from potential partners. The gambling group also revealed in its recent statement that it is on track to complete 20 new site launches by the end of the year.
More websites are expected to go live in the first quarter of 2020. Nektan’s board believes that the upcoming site launches will be transformational as some of their partners are anticipated to contribute significant revenues to the company once their Nektan-powered operations are fully established. This usually happens between three and four months after a site goes live.
Some of the recently launched operations have already begun delivering revenues for Nektan. The company said that this has shown that confidence in its B2B business is growing. Nektan believes that the performance of its B2B division is validating the group’s decision to restructure its operations and focus more attention and resources to explore and exploit the opportunities created namely by its B2B operations.
Nektan has also been able to explore new markets this year. The company entered over the summer the African marketplace through its E-Lite content aggregator.
The gambling group had partnered two major regional operators – Betika and BetLion – to provide them with access to the 500+ HTML5 titles currently available on E-Lite. Both Betika and BetLion had their licenses renewed by the Kenyan Betting Control and Licensing Board. The two companies boast significant presence in other African markets, as well.
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