NetEnt sets up UK company 44 days before Brexit deadline

Seeing the United Kingdom as a “prioritised growth market”, iGaming company NetEnt has established legal entity NetEnt UK Ltd, as the operator believes local presence in the island nation will better support business there, according to a press release published by the company. The step comes in increased uncertainty around Brexit.  

NetEnt is also moving into a new office in the Stanley Building at Kings Cross, which the company tags as a “strategically-important step”. The UK team has also been growing staff-wise and the office is seen to grow further within the next few months, as the press release says. 

“We are delighted to be open for business in the United Kingdom. We need a local presence to better support our valued customers and grow our market share. We have already recruited some key talent and now we begin a period of recruitment for the second wave,” said Andy Whitworth, Managing Director of NetEnt UK Ltd.

“This is a natural next step and an example of our commitment to the local market. The United Kingdom is already our largest market, and we see a short-term opportunity to grow our market share by being closer to our UK-based customers. Our increased presence in the United Kingdom is one of the NetEnt Group’s key strategic initiatives this year,” said Therese Hillman, CEO of NetEnt.

Although the company makes no mention of it, this step comes amid increasing Brexit uncertainty; as currently, Prime Minister Boris Johnson is trying to negotiate a Brexit deal in Brussels. Analysts expect the Brexit to shake up markets, with KPMG recently having forecast that a no-deal scenario could push the United Kingdom toward recession.

Business Malta earlier reported that online gambling company ComeOn has left the UK market, which step the company rationalised as an attempt to concentrate its business on more favourable markets.