{"id":268,"date":"2024-06-27T21:10:23","date_gmt":"2024-06-27T18:10:23","guid":{"rendered":"https:\/\/godofgambling.icu\/2024\/06\/27\/enlabs-revenue-and-profits-surge-despite-latvia-shutdown\/"},"modified":"2024-06-27T21:10:23","modified_gmt":"2024-06-27T18:10:23","slug":"enlabs-revenue-and-profits-surge-despite-latvia-shutdown","status":"publish","type":"post","link":"https:\/\/godofgambling.icu\/2024\/06\/27\/enlabs-revenue-and-profits-surge-despite-latvia-shutdown\/","title":{"rendered":"Enlabs Revenue and Profits Surge Despite Latvia Shutdown"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/vy70w7YfHiY\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Enlabs witnessed a rise in both earnings and profits in 2020, even though its operations in Latvia were temporarily halted.<\/p>\n<p>The Baltic-focused operator and Entain target, Enlabs, observed a 27.5% surge in revenue in 2020, reaching \u20ac50.5 million (\u00a343.5 million\/$61.3 million), with profits climbing by over 60%, despite its primary market, Latvia, being compelled to suspend operations for a period of two months.<\/p>\n<p>Enlabs&#8217; revenue and profits expanded in 2020 despite a temporary cessation of operations in Latvia.<br \/>\nGaming income constituted nearly all of Enlabs&#8217; total revenue, reaching \u20ac48 million, a 31.9% increase, while media revenue declined by 22.8% to \u20ac1.6 million, and other revenue amounted to \u20ac0.886 million, a decrease of 18.6%.<\/p>\n<p>Enlabs stated that 70% of its revenue originates from regulated markets, with Latvia being its key market.<\/p>\n<p>Despite Enlabs being entirely shut down in Latvia for the majority of the second quarter, revenue grew annually as the nation temporarily prohibited online gambling during the coronavirus (Covid-19) pandemic lockdown.<\/p>\n<p>Enlabs paid \u20ac11.1 million in service costs, a 57.5% increase, and \u20ac4.5 million in gambling tax, resulting in a gross profit of \u20ac34.9 million, a 21.1% rise.<\/p>\n<p>Moreover, Enlabs&#8217; operational expenses rose by 37.8% to \u20ac23.7 million. Staff expenses accounted for roughly half of this, at \u20ac11.5 million, a 36.9% increase, while marketing expenditures totaled \u20ac7.8 million. Other expenses amounted to \u20ac6.6 million, while \u20ac2.2 million in costs were capitalized and subsequently removed from the balance sheet. <\/p>\n<p>This resulted in earnings before interest, taxes, depreciation, and amortization (EBITDA) of \u20ac11.2 million, a decline of 3.4 percent. After depreciation and amortization expenses of \u20ac3.1 million, Enlabs&#8217; earnings before interest and taxes (EBIT) were \u20ac8.1 million.<\/p>\n<p>The company generated \u20ac6.5 million in net financial income after a loss of \u20ac11.7 million in the sector in 2019, leading to a pre-tax profit of \u20ac14.6 million, a rise of 55.3 percent.<\/p>\n<p>After a \u20ac521,000 income tax benefit, Enlabs achieved a profit of \u20ac15.1 million, an increase of 60.6 percent compared to 2019.<\/p>\n<p>Looking only at the final quarter of 2020 &#8211; including the full three months of activity of the recently acquired Global Gaming &#8211; Enlabs&#8217; revenue was \u20ac20.3 million, an increase of 72.1 percent year-on-year.<\/p>\n<p>Enlabs CEO George Ustinov stated that the revenue growth was primarily driven by an 88 percent year-on-year increase in active customers.<\/p>\n<p>Gaming accounted for \u20ac19.7 million of total revenue, an increase of 91.3 percent. Casino game revenue grew particularly rapidly, increasing by 152.3 percent to \u20ac16.4 million. Betting revenue was \u20ac3.1 million, down 0.6 percent, while poker revenue fell by 71.4 percent to \u20ac200,000.<\/p>\n<p>Media revenue was \u20ac431,000, and other revenue was \u20ac18.1 million.<\/p>\n<p>Enlabs&#8217; cost of services was \u20ac4.6 million, game tax was \u20ac1.7 million, and gross profit was \u20ac14.1 million.<\/p>\n<p>After \u20ac4.9 million in employee costs, \u20ac2.7 million in marketing costs, and \u20ac3.2 million in other income &#8211; and after taking into account capitalization costs &#8211; Enlabs&#8217; EBITDA was \u20ac3.9 million, an increase of 22.3 percent. At the same time, its EBIT was \u20ac3 million.<\/p>\n<p>After a net financial loss of \u20ac1.2 million, Enlabs&#8217; pre-tax loss was \u20ac1.7 million, a decrease of 32.0 percent.<\/p>\n<p>The company received a \u20ac482,000 tax benefit, resulting in a profit of \u20ac2. <\/p>\n<p>The firms future looks promising after acquiring Global Gaming, stated Ustinov.  Although Global Gaming had its permit taken away by the Swedish regulator Spelinspektionen in 2019, Enlabs is certain about re-launching its leading brand Ninja Casino. <\/p>\n<p>&#8220;The outcome of the merger is a streamlined, more adaptable and fully aligned organization with a shared business plan,&#8221; said Ustinov. &#8220;Enlabs has added Nordic market sales expertise to its staff and incorporated the global Pay &#038; Play brand into its collection.<\/p>\n<p>&#8220;This gives me the confidence to declare that Enlabs will return to the Swedish market in 2021 and expand the Ninja brand to all its operational markets.&#8221;<\/p>\n<p>Enlabs also intends to introduce the Ninja Casino brand in the newly regulated Ukrainian market.<\/p>\n<p>Ustinov mentioned that Enlabs&#8217; gaming income increased by 99% year-over-year in the first quarter of 2021.<\/p>\n<p>At the start of 2021, Bwin and Ladbrokes Coral operator Entain made a proposal to buy Enlabs on January 7th, valuing the deal at \u00a3250 million. The cash offer would see Entain pay 40 Swedish Krona (\u00a33.48\/\u20ac3.97\/$4.81) for each of Enlabs&#8217; 69.9 million shares.<\/p>\n<p>While the Entain board and shareholders owning 42.2% of Enlabs supported the deal, shareholders representing 10.7% of Enlabs turned down the offer, arguing that it &#8220;undervalued&#8221; Enlabs.<\/p>\n<p>Enlabs shareholders have until March 18th to make a decision on the proposal.<\/p>\n<p>Sign up for the iGaming News newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Enlabs witnessed a rise in both earnings and profits in 2020, even though its operations in Latvia were temporarily halted. The Baltic-focused operator and Entain target, Enlabs, observed a 27.5% surge in revenue in 2020, reaching \u20ac50.5 million (\u00a343.5 million\/$61.3 million), with profits climbing by over 60%, despite its primary market, Latvia, being compelled to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Enlabs Profits Soar Despite Latvia Shutdown<\/title>\n<meta name=\"description\" content=\"Enlabs, the Baltic-focused operator, saw a significant increase in revenue and profits in 2020, even with a temporary closure in Latvia.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/godofgambling.icu\/2024\/06\/27\/enlabs-revenue-and-profits-surge-despite-latvia-shutdown\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Enlabs Revenue and Profits Surge Despite Latvia Shutdown\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Enlabs, the Baltic-focused operator, saw a significant increase in revenue and profits in 2020, even with a temporary closure in Latvia.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/godofgambling.icu\/2024\/06\/27\/enlabs-revenue-and-profits-surge-despite-latvia-shutdown\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Embark on a Thrilling Casino Adventure | Licensed &amp; Trusted\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-27T18:10:23+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/godofgambling.icu\/2024\/06\/27\/enlabs-revenue-and-profits-surge-despite-latvia-shutdown\/\",\"url\":\"https:\/\/godofgambling.icu\/2024\/06\/27\/enlabs-revenue-and-profits-surge-despite-latvia-shutdown\/\",\"name\":\"Enlabs Profits Soar Despite Latvia Shutdown\",\"isPartOf\":{\"@id\":\"https:\/\/godofgambling.icu\/#website\"},\"datePublished\":\"2024-06-27T18:10:23+00:00\",\"dateModified\":\"2024-06-27T18:10:23+00:00\",\"author\":{\"@id\":\"https:\/\/godofgambling.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Enlabs, the Baltic-focused operator, saw a significant increase in revenue and profits in 2020, even with a temporary closure in Latvia.\",\"breadcrumb\":{\"@id\":\"https:\/\/godofgambling.icu\/2024\/06\/27\/enlabs-revenue-and-profits-surge-despite-latvia-shutdown\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/godofgambling.icu\/2024\/06\/27\/enlabs-revenue-and-profits-surge-despite-latvia-shutdown\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/godofgambling.icu\/2024\/06\/27\/enlabs-revenue-and-profits-surge-despite-latvia-shutdown\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/godofgambling.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Enlabs Revenue and Profits Surge Despite Latvia Shutdown\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/godofgambling.icu\/#website\",\"url\":\"https:\/\/godofgambling.icu\/\",\"name\":\"Embark on a Thrilling Casino Adventure | Licensed &amp; Trusted\",\"description\":\"Unlock the secrets of casino success with our comprehensive news, in-depth game reviews, and informative articles. 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