Established in 1996, the history of Net Entertainment goes further back to the 70s when it led Scandinavia in off-line casino operators. Originally known as Cherry, they had to change their entire business model when Sweden banned slot machines. Within a month, Cherry’s business vanished and required extensive reorganization. In 1984, Cherry acquired multiple Swedish gaming companies and financing acquisitions. Between 1986 to 1991, the company started to provide slot machines to casinos of Eastern Europe. During this period, Pontus Lindwall, CEO, decided move Cherry’s gaming operations to the Internet.
Cherry Invests in Net Entertainment
In 1996, Lindwall started Net Entertainment and convinced Kinnevik and Cherry to invest in Net Entertainment. Between the two companies, they agreed to invest 75 million SEK, which is approximately 8.5 million Euros today. Known as a pioneer of one of the fastest growing industries, Net Entertainment’s history reaches back to the beginning of the Internet.
Not Always Easy
Despite becoming one of the largest casino software providers today, Net Entertainment’s beginnings were not easy. At first, the Internet was not as popular. However, as Internet connections became available everywhere and the speed increased, NetEnt grew in popularity. One of the biggest obstacles to overcome was consumer caution because people were hesitant to purchase products online. In the early days, there were no safe payment methods.
Featuring 200 of the Best Games
NetEnt’s award-winning CasinoModule features a powerful Back Office and more than 200 games. They have almost half a century of experience in the industry. In 2004, Net Entertainment delivered a large number of Casino Modules to their international customers. During this time, their revenue on the Internet increased 100 percent. Net Entertainment also acquired a gaming license for Malta. In 2005, Netent’s products were further developed, and Cherry acquired betsson.com, a poker site that showed great promises. The company now provides favourites like Starburst slot, Wonky Wabbits, The Invisible Man, and more.
More Acquisitions Establish a Strong Market Position
In 2012, Betsson acquired their lead competitor, Nordic Gaming Group for their sportsbook. This established a strong position that took the Nordics further. In 2012, the International Gaming Awards gave the Online Sportbook Operator of the Year award to Betsson. 2013 was another great year for Netent as they acquired SverigeAutomaten and NorgesAutomaten och DanmarksAutomaten.
NetEntertainment was first formed by a group of Scandinavians who had experience working in the Internet gaming business. However, what makes Net Entertainment unique is that they do not operate casinos on their own. Their top priority is creating products, which has led to high level production of slots games such as Gonzo’s Quest.