Cherry Casino's Online Gaming Growth Benefits PlayersPublished November 17, 2014 by Amir G
Swedish gaming operator Cherry reports a steady growth for the third quarter of which a great part is attributed to Cherry Casino and Yggdrasil operations.
Major Swedish gaming operator Cherry Casino has recently experienced significant growth. The company was awarded "Best Online Gaming Operator" at the International Gaming Awards for 2014. A recent report shows that the fourth quarter has already opened strongly with revenues which are above the third quarter averages, signifying that 2014 will be a good year. In total, Cherry reports a 29 percent increase in revenues to SEK90.4m.
Online Gaming Growth
Cherry Casino's online gaming operations compose a big part of the total increase in revenue growth, representing 55 per cent of the total revenue for Cherry. In Q3, Cherry's online gaming revenues went up by 33 per cent to SEK46.6m. Significant marketing spending on Cherry Casino proved its worth with results showing a large increase in customer intake and deposits at the casino.
The Role of Yggdrasil Gaming
Software developer Yggdrasil Gaming which is a subsidiary of Cherry has continued to be a part of the company's success, signing not less than eight new contracts along the third quarter and nine-month interim period with at least three more operators planed to go live in Q4. Yggdrasil is on a constant expansion of its gaming arsenal, and it has added four new games in the past year: Magic Mushrooms, Pyrons, Fruitoids and Reef Run. These titles along others from Microgaming, NetEnt and Amaya are all found in Cherry Casino.
In a message attached to the report, Cherry CEO Emil Sunvisson praised Yggdrasil's success and the swiftness of its rise to prominence, going from no customers at the beginning of the year to 18 agreements nowadays.
Stance on Swedish Online Gambling Law
Sunvisson also addressed the problematic situation of online gambling laws in Sweden, saying that change in the market is inevitable and supporting the decision to take Sweden to the European Court of Justice. "We look forward to a gaming market that is open to everyone with the utmost importance placed on transparency and responsibility. We want to end the outdated monopoly in the gaming market," a part of the message by the CEO read.