Norsk Tipping Reports Record Growth - 04-16-08 |
April 16 - The Norwegian gambling public seems to be largely satisfied with
the country's state-owned gaming company, if Norsk Tipping's 2007 revenue
results are anything to go by.
Yesterday, the company released its financial report for the year ending
December 31st, 2007 and showed that it had earned record profits of NOK
3.1-billion, or around 390-million Euros. The figure was 8% more than the
previous year's. All in all, Norsk Tipping, earned NOK 10-billion in revenues.
The company's interactive gaming division earned revenues of NOK 693-million,
a vast improvement from the previous year when revenues were 48% lower. Revenues
for the entire year rose 9.2% .
Norsk Tipping bosses were particularly satisfied with the company's 2007
performance. The profits themselves are certainly something to smile about, but
Norsk Tipping also managed to break through the NOK 10-billion in revenues
barrier for the first time in its history. It is thus being hailed as a
significant achievement. According to a Norsk Tipping representative, the
company is not planning to open an online poker site in the near future.
Norsk Tipping is considered a socially-responsible company and contributes
much of its revenues back into the country. Among the contributions made in 2007
was the amount of NOK 219-million to the country's health and rehabilitation
fund, NOK 1.25 to improve Norwegian sport and culture and NOK 12-million to help
gambling addiction organizations with their cause.
Norsk Tipping's CEO, Axel Krogvig said that the company's 2007 results were
further proof that Norwegian gamblers were attracted to a socially-responsible,
state-run site. Last year, the Norwegian government began proposals to ban
online gambling through offshore sites, although the general Norwegian public
feels that licensed European sites should be free to offer their services to the
local market, in line with European Union trade pacts.
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