It has been a solid quarter for the Sweden- and Malta-based Cherry Group, owners of the Euroslots and Eurolotto brands. Their recent financial interim report for 2013’s Q1 shows the following:
- -A 35% growth in online gaming;
- -85% increase in customer deposits;
- -A 14% increase in the group’s total turnover (SEK 59.8 million);
- -Cherry’s Restaurant Casino collected a total of SEK 262.7 million.
Cherry has been having an exciting year so far, expanding its Euroslots brand in different countries, adding more games by the day, and becoming one of the top casino sites in the world in less than five months. Emil Sunvisson, CEO for Cherry, commented that:
EuroSlots has developed positively, contributing to a healthy growth during the first quarter. The business is increasing rapidly, and a number of new initiatives will be rolled out during the year, including the re-launch of CherryCasino.com and the launch of regional adapted sites.
Apart from its casino gaming sites, Cherry got licensed in Schleswig-Holstein to expand their sports betting in Germany and partnered with the software developer Yggdrasil for exclusive casino gaming content.
An example of our new ventures is the investment in the new company Yggdrasil, which has a great growth potential, although the company is still in an early stage and has a lot to prove
, said Sunvisson.
However, not every day was a smooth sailing for the company, which had to battle with the Norwegian state law for an injunction on their branded site Eurolotto, allegedly due to the fact that no other site was allowed to compete against the Norwegian State-owned lotto site Norsk Tipping.
Despite this legal inconveniency, the Norwegian Government eventually allowed the company’s branded Eurolotto.com to continue offering their services in the Norwegian market.
According to Sunvisson, Cherry will be investing its extraordinary dividends into a more aggressive marketing strategy and strategic investments to ensure future growth.
