White label gaming software provider Nektan has announced a 44.8% year-on-year rise in its net gaming revenues for Q3 FY2018.

In its latest financial report, the company revealed net gaming revenues of £5.1m, beating the £3.5m reported during the same period of 2017 and up 8.2% on the previous quarter’s figures.

The amount of cash wagered by players using the company increased year-on-year by 43.8%, rising from £99m in Q3 FY17 to £142.4m during Q3 FY2018.

However the number of first time depositors dropped from a Q3 FY2017 high of 38,424 to a Q3 FY2018 figure of 36,359.

Drilling down into individual divisions, Nektan’s Managed Gaming Solutions department launched 73 new games, 18 new sites and signed deals with five new partners in Q3 FY18, with plans to launch up to 20 new sites from both existing and new partners over the next few months.

Revenues from its B2B businesses almost doubled during Q3 FY2018, rising to £83,000 from a previous Q2 FY2018 total of £47,000, while the division also went live with its first global platform deal, signed with Tyche Digital.

In a statement accompanying the results, Gary Shaw, Interim Chief Executive Officer of Nektan, said: “Our results clearly demonstrate Nektan’s growing commercial and operational strength throughout international markets.

“The significant increase in net gaming revenues and cash wagering from our European white label business represents continuing growth momentum. This growth, at the same time as launching into new markets, underlines Nektan’s strength of management and technical capabilities.”

Shaw added: “We remain confident about our growth strategy and look forward to announcing further encouraging updates over the coming months.”