London-listed B2B gaming developer NEKTAN PLC announced earlier today that its application for a remote intermediary betting license in Ireland had been approved. The company pointed out that the license is in compliance with the country’s newest betting regulations that are to come into effect on August 1.
David Gosen, Chief Executive Officer of NEKTAN, commented on the latest announcement, saying that they are really pleased with the fact that the gaming developer is one of the first companies to secure an approval under Ireland’s Betting (Amendment) Act 2015. The executive also pointed out that they will be looking for more opportunities to expand NEKTAN’s presence in the country as a part of their strategy for further growth.
The Betting (Amendment) Act 2015 was signed into law in March. It updated and extended Ireland’s regulatory regime regarding betting licenses. It includes provisions about the granting of licenses to remote gambling operators that accept bets from Irish bettors.
All remote gambling operators that provide their services on the territory of the country are to obtain a license by tomorrow, August 1. Otherwise, they will not be able to operate in Ireland.
Earlier today, NEKTAN also announced that up to £10,000,000 Series A Fixed Rate Secured Convertible Loan Notes 2020 had been admitted to the Official List of the Channel Islands Securities Exchange Authority Limited. Here it is important to note that £5,414,595 of those are already in issue. NEKTAN also pointed out that the application had been sponsored by Hatstone Listing Services Limited.
Earlier in June, the gaming developer commented on its expectations about its financial performance for the fiscal year ended June 30, 2015. The company is to release its full-year results late in September. It said that it expects net gaming revenue of about £0.5 million, with net revenue from real-money gaming amounting to £0.2 million, and adjusted EBITDA loss of about £5.5 million due to “tight management of the fixed cost base.”
Currently, NEKTAN is regulated by the UK Gambling Commission and the Gibraltar Licensing Authority. The company, which has offices in London, Gibraltar, and Las Vegas, develops B2B mobile gaming content and provides its customers with the so-called Evolve gaming platform.
