G3 Interview NETENT
Adding all the right ingredients
It’s been a long wait, but NetEnt’s patience is paying dividends as its entrance into the US market, via New Jersey, has been swift and productive. Announcements are flowing since acquiring its licence and there’s more to follow according to Björn Krantz, Managing Director of NetEnt Americas
Until recently, the US market has been a slow-burner for NetEnt, with the online gaming solutions provider appraising the market, attending conferences and gathering information as to the ‘tipping point’ that would see NetEnt entering the regulated US online market. Now that the time appears right and things have been happening at quite the pace.
Speaking to Björn Krantz, Managing Director of NetEnt Americas at G2E in Vegas, previously Managing Director at NetEnt Malta, he explained that NetEnt had been waiting for the regulatory framework to formalise in the US before making the leap. “As a leader in regulated online casino markets, NetEnt has been closely monitoring development in North America,” said Mr. Krantz. “In mid-2014 we announced to the market that timing was right to intensify efforts to enter both the United States and Canada. We initiated the licensing process in New Jersey and handed our submission to the Division of Gaming Enforcement's (DGE) early 2015. It was,” underlined Mr. Krantz, “a major undertaking for all the key stakeholders involved in the process.”
The effort proved worthwhile, however, with NetEnt receiving its vendor number by the end of the first quarter of 2015. Soon-after NetEnt signed a patent partnership with IGT, a cross-patent-licensing agreement that allows NetEnt to use all of IGT’s featured games patents when looking at the roadmap development efforts for North America. “The agreement with IGT allows us to capitalise on their technology assets and to focus our efforts on our New Jersey customer’s, ” said Mr. Krantz. “It has proved a very positive experience. Many of the US stakeholders closely examined the European online model, understanding the important role NetEnt has played in this space for the last 20 years. It was this awareness of the company and our best-of-breed product that has helped us to enter the US market.”
NetEnt is a company that focuses on regulated markets, building its competence in Europe’s largest online gaming markets. US licensing is a big, complex process and it’s no
small feat for an independent Scandinavian company to pass with flying colours on its first attempt. “I think it definitely helped that we waited to enter the market in New Jersey, rather than rush in before the market was properly regulated,” explained Mr. Krantz.
“The maturity of the market has helped the discussion process and understanding of operators as to the value of our offer. They are interested in maximising the player experience, and this fits into our own strategy which is to provide the ultimate entertainment experience through our premium online gaming solutions. What exists today in New Jersey and what NetEnt brings to the table is a game-changer for this market.”
At the beginning of September, NetEnt signed an agreement with Simulated Gaming provider, GAN, to supply its games through GAN’s virtual currency solution. “The agreement with GAN will allow land- based casinos in the US to introduce NetEnt’s online casino games to their player community ahead of possible state regulations,” stated Mr. Krantz.
“The opportunity to build early recognition and loyalty regarding our best-in-breed gaming titles fits perfectly into our long term growth strategy in the US,” continued Mr. Krantz. “There is a positive growth trend in the past couple of quarters in New Jersey, and there are a number of online gaming bills being considered in other US states as well. Our cooperation with GAN positions us perfectly to capitalise on regulated market expansion as and when the legislation is passed.”
Mr. Krantz hopes that the model established in New Jersey will become a blueprint for online gaming progress across the US. He also believes that NetEnt’s library of best-of-breed games prove the right formula for US players. “We believe that our content is the perfect fit for this environment,” commented Mr. Krantz. “We believe the needs of the European player are matched by players in the US and that the gaming offer, balanced between mobile and desktop, is what we feel is the current right mix for US players.”
Björn Krantz, Managing Director, NetEnt Americas
“I think it definitely helped that we waited
to enter the market in New Jersey, rather than rush in before the market was properly regulated. The maturity of the market has helped the discussion process and understanding of operators as to the value of our offer. They are interested in maximising the player experience, and this fits into our own strategy which is to provide the ultimate entertainment experience through our premium online gaming solutions. What exists today in New Jersey and what NetEnt brings to the table is a game- changer for this market.”
“There are a number of online
gaming bills being considered in other US states as well. Our
cooperation with GAN positions us perfectly to capitalise on
regulated market expansion as and when the legislation is passed.”
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