Enlabs Reports a Profitable First Half of 2020

Enalabs, the Baltic gaming operator and one of the leading iGaming companies, has announced morale-boosting news regarding the company’s financial report for the first half of 2020.

The company has reported a profit of €2.64m for the first six months of 2020, amid a shutdown caused by the pandemic. The company has also overcome a gaming suspension in Latvia.

Revenues were down from €18.4m to €16.6m this time last year. The number of total active customers rose by 14% from last year. Deposits are down slightly, from €54.4m to €53.5m.

Impressive Q2

Representatives from Enlabs, which recently unveiled a new brand, say that the company demonstrated its ability to adapt during Q2 2020 and the ability to overcome a total shutdown of operations in Lithuania.

Enlabs CEO and group president George Ustinov said: “During Q2 2020 Enlabs demonstrated its ability to adapt and evolve. Due to the Covid-19 outbreak, the Latvian parliament suspended all gaming licenses in the country from 8 April to 10 June. Retail operations in Lithuania have also been suspended for the greater part of the quarter. We cut back on marketing communication in both Estonia and Lithuania.”

“Despite these temporary disruptions, Enlabs recorded €6.1m revenue, €0.5m EBITDA and €0.5m net profit with positive operating cash flow.”

“Enlabs’ customers have welcomed our return in Latvia with several daily activity records proving that regulated local operators can always better cater for customer demands. This also showed more broadly than ever that balanced regulation aligns the interests of players, operators and government authorities.”

More about the Company

Enlabs, previously known as Nordi Leisure AB is a Swedish-based company, which operates in the iGaming and betting industry. The company, which recently launched a live casino in Estonia, owns, operates and manages sports, casino and internet gaming operations. It also operates online casinos and land-based betting shops under Optibet, GoldClubCasino and Best brand names. It also provides sports results and conducts performance-based marketing and also offers online gaming on mobile devices. The company’s subsidiaries operate in Estonia, Latvia, Malta and in the Swedish market.

Source:

“Enlabs Posts Profit for First Half of 2020”, europeangaming.eu, August 21, 2020.